0001437749-24-034916 | 10-Q | XBRL Viewer

Note G - Stock and Warrants

9 Months Ended

Sep. 30, 2024

G.	Stock and Warrants

Authorized, Issued, and Outstanding Common Shares

As of September 30, 2024, and December 31, 2023, the Company had authorized shares of common stock of 250,000,000 shares. Of the authorized shares, 54,803,056 and 43,110,360 shares of common stock were issued as of September 30, 2024, and December 31, 2023, respectively, and 53,227,364 and 41,534,668 shares of common stock were outstanding as of September 30, 2024, and December 31, 2023, respectively.

As of September 30, 2024, and December 31, 2023, the Company had reserved authorized shares of common stock for future issuance as follows:

	*September 30, 2024*		*December 31, 2023*
Outstanding awards under equity incentive plans		8,987,997		8,023,142
Outstanding common stock warrants		5,483,537		5,603,729
Possible future issuances under equity incentive plans		4,536,410		1,728,885
Possible future issuances under employee stock purchase plans		1,242,425		1,340,172
Total common shares reserved for future issuance		20,250,369		16,695,928

Common Stock Activity

The following table summarizes common stock activity for the nine months ended September 30, 2024:

	*Shares of Common Stock*
Balance as of January 1, 2024		41,534,668
Common stock issued as compensation to third parties		9,000
Common stock issued as a result of stock options exercised		306,826
Balance as of March 31, 2024		41,850,494
Common stock issued as a result of the Employee Stock Purchase Plan		97,747
Common stock issued as compensation to third parties		41,820
Common stock issued as a result of stock options exercised		1,403
Balance as of June 30, 2024		41,991,464
Common stock issued as compensation to third parties		32,820
Common stock issued in connection with the Public Offering (Note B)		10,615,385
Common stock issued as a result of stock options exercised		39,750
Common stock issued in connection with vesting of performance-based awards		547,945
Balance as of September 30, 2024		53,227,364

Authorized, Issued, and Outstanding Preferred Stock

As of September 30, 2024, and December 31, 2023, the Company had 10,000,000 shares of authorized preferred stock, none of which were designated, issued, or outstanding.

Warrants to Purchase Common Stock

The Company has issued warrants to purchase common stock to various third parties, of which 5,483,537 remain outstanding as of September 30, 2024, and are immediately exercisable. These warrants qualify as participating securities under ASC Topic 260, Earnings per Share, and are treated as such in the net loss per share calculation (Note J). The Company may be required to redeem these warrants for a cash amount equal to the Black-Scholes value of the portion of the warrants to be redeemed (the “Put Option”).

In connection with the Merger (Note L), in November 2023, the Company directly issued to certain investors an aggregate of 1,382,489 shares of its common stock, par value $0.0001 per share, and accompanying warrants to purchase up to 1,382,489 shares of its common stock (the "2023 Warrants") at a combined offering price of $4.34 per share of common stock and the Warrants and an aggregate of 917,934 shares of its common stock in exchange for the cancellation of a warrant to purchase 2,920,306 shares of common stock of Acer. The Warrants are immediately exercisable and expire on November 22, 2028. The Company used the net proceeds of approximately $6.0 million from the offering for general corporate purposes. These warrants are separately exercisable by the warrant holders. While the warrants are outstanding (but unexercised), the warrant holders will participate in any dividend or other distribution of the Company’s assets to its common stockholders by way of return of capital or otherwise. As of September 30, 2024, and December 31, 2023, none of the warrants have been exercised. The warrants have been evaluated to determine the appropriate accounting and classification pursuant to ASC 480 and ASC 815. Generally, freestanding warrants should be classified as (i) liabilities if the warrant terms allow settlement of the warrant exercise in cash and (ii) equity if the warrant terms only allow settlement in shares of common stock.

The Company determined that its outstanding warrants and the Put Option should be recorded as a liability and stated at fair value at each reporting period. Changes to the fair value of the warrant liability are recorded through the unaudited condensed consolidated statements of operations as a fair value adjustment related to warrant and CVR liability. As of September 30, 2024, and December 31, 2023, the fair value of the liability associated with these warrants and the Put Option was approximately $13.9 million and $16.1 million, respectively. The fair value adjustment related to these warrants and the Put Option was approximately $6.0 million of loss and $2.2 million of income for the three and nine months ended September 30, 2024, respectively. The fair value adjustment related to these warrants and the Put Option was approximately $3.7 million and $4.3 million of income for the three and nine months ended September 30, 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, the fair value of investments and the fair value of the warrant liabilities, contingent value right ("CVR") liabilities and discount and rebate liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.
Investment, Policy [Policy Text Block]	Investments The Company maintains investment securities that are classified as available-for-sale securities for which the Company has elected the fair value option under Accounting Standards Codification ("ASC") 825, Financial Instruments ("ASC 825"). As such, these securities are carried at fair value with unrealized gains and losses included in fair value adjustment related to investments on the unaudited condensed consolidated statements of operations. The securities primarily consist of U.S. Treasury securities and corporate bonds and are included in securities at fair value in the unaudited condensed consolidated balance sheets. The Company's investments in corporate bonds mature within one to five years. As of September 30, 2024, and December 31, 2023, the Company held securities with an aggregate fair value of $41.4 million and $24.7 million, respectively, that contained aggregate unrealized gainsof approximately $0.1 million and $0.6 million, respectively. Applying fair value accounting to these debt securities more accurately represents the Company's investment strategy due to the fact that excess cash is currently being invested for the purpose of funding future operations. Interest income is recognized as earned using an effective yield method giving effect to the amortization of premium and accretion of discount and is based on the economic life of the securities. Interest income is included in interest and other income, net in the unaudited condensed consolidated statements of operations.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	*Variable Interest Entities* The primary beneficiary of a variable interest entity ("VIE") is required to consolidate the assets and liabilities of the VIE. When the Company obtains a variable interest in another entity, it assesses at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE, and if so, whether the Company is the primary beneficiary of the VIE based on its power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the Company's obligation to absorb losses or the rights to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Company has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, the Company considers all the facts and circumstances, including the Company's role in establishing the VIE and the Company's ongoing rights and responsibilities. The assessment includes identifying the activities that most significantly impact the VIE's economic performance and identifying which party, if any, has the power to direct those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the rights to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests that are deemed to be variable interests in the VIE. This assessment requires judgement in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. As of September 30, 2024, and December 31, 2023, the Company identified Acer to be the Company's sole interest in a VIE (Note L). As Zevra is the final decision maker for all of Acer's research, development, and commercialization of drug candidates that it is producing, the Company directs the activities of Acer that most significantly impact its performance. Therefore, the Company is the primary beneficiary of this VIE for accounting purposes.
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company recognizes revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers (“ASC 606”) and, as a result, follows the five-step model when recognizing revenue: 1) identifying a contract; 2) identifying the performance obligations; 3) determining the transaction price; 4) allocating the price to performance obligations; and 5) recognizing revenue when the performance obligations have been fulfilled. Licensing Agreements The terms of the Company’s licensing agreements typically include one or more of the following: (i) upfront fees; (ii) milestone payments related to the achievement of development, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments may result in licensing revenues. As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may include such estimates as independent evidence of market price, forecasted revenues or costs, development timelines, discount rates, and probability of regulatory success. The Company evaluates each performance obligation to determine if they can be satisfied at a point in time or over time, and it measures the services delivered to the licensee which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Up-front Fees: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or the licensee’s control, such as operational developmental milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative licensing revenues and earnings in the period of adjustment. Product Revenues, Net Net revenues from product sales is recognized at the transaction price when the customer obtains control of the Company's products, which occurs at a point in time, typically upon receipt of the product by the customer. Our current single customer is a specialty pharmacy provider. The Company's net revenues represent total revenues adjusted for discounts and allowances, including estimated cash discounts, chargebacks, rebates, returns, copay assistance, data fees and wholesaler fees for services. These adjustments represent variable consideration under ASC 606 and are recorded as a reduction of revenue. These adjustments are established by management as its best estimate based on available information and will be adjusted to reflect known changes in the factors that impact such allowances. Adjustments for variable consideration are determined based on the contractual terms with customers, historical trends, communications with customers and the levels of inventory remining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products.
Research and Development Expense, Policy [Policy Text Block]	*Acquired IPR&D and Milestones Expenses* In an asset acquisition, payments incurred prior to regulatory approval to acquire rights to in-process R&D projects are expensed as acquired IPR&D and milestones expense in the consolidated statements of earnings unless the project has an alternative future use. These costs include upfront and development milestone payments related to R&D collaborations, licensing arrangements, or other asset acquisitions that provide rights to develop, manufacture and/or sell pharmaceutical products. Where contingent development milestone payments are due to third parties, prior to regulatory approval, the payment obligations are expensed when the milestone results are achieved. Regulatory and commercial milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized to cost of products sold over the remaining useful life of the related product.
Inventory, Policy [Policy Text Block]	Inventories The value of inventory is recorded at its net realizable value. The Company determines the cost of its other inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out basis. The Company may scale-up and make commercial quantities of its product candidates prior to the date it anticipates that such product will receive final regulatory approval. The scale-up and commercial production of pre-launch inventory involves the risk that such products may not be approved for marketing on a timely basis, or ever. This risk notwithstanding, the Company may scale-up and build pre-launch inventory of product that have not received final regulatory approval when the Company believes such action is appropriate in relation to the commercial value of the product launch opportunity. Inventory manufactured prior to regulatory approval is recorded as research and development expense until regulatory approval for the product is obtained. Inventory used in clinical trials is also expensed as research and development expense, when selected for such use. Inventory that can be used in either the production of clinical or commercial products is expensed as research and development costs when identified for use in a clinical manufacturing campaign. The cost of finished goods inventory that is shipped to a customer to support the Company’s patient assistance programs is expensed when those shipments take place. As of September 30, 2024, and December 31, 2023, the Company did not have pre-launch inventory that qualified for capitalization. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventory to its net realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded as a component of cost of product revenue in the statements of operations and comprehensive loss. The determination of whether inventory costs will be realizable requires the use of estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required. Additionally, the Company’s product is subject to strict quality control and monitoring that it performs throughout the manufacturing process. In the event that certain batches or units of product do not meet quality specifications, the Company will record a charge to cost of product revenue, to write-down any unsaleable inventory to its estimated net realizable value. For the three and nine months ended September 30, 2024, the Company recognized a charge of approximately $2.0 million and $5.2 million, respectively, related to write-downs for unsaleable inventory. No such write downs were recognized for the three and nine months ended September 30, 2023.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign currency Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the unaudited condensed consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in accumulated deficit during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive income/loss in the accompanying unaudited condensed consolidated statements of stockholders’ equity.
Debt, Policy [Policy Text Block]	*Debt Issuance Costs* Debt issuance costs incurred in connection with financing arrangements are recorded as a reduction of the related debt on the balance sheet and amortized over the life of the respective financing arrangement using the effective interest method.
Warrants [Policy Text Block]	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480") and FASB ASC Topic 815, Derivatives and Hedging ("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to our own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital, on the unaudited condensed consolidated statement of stockholders’ deficit at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in other expense, net, on the unaudited condensed consolidated statement of operations. The fair value of the warrants was estimated using the Black-Scholes option pricing model.
New Accounting Pronouncements, Policy [Policy Text Block]	*New Accounting Pronouncements Not* Yet Adopted** Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023- 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Note K - Leases - Supplement Balance Sheet Information Related to Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property and equipment, net	$ 114	$ 149
Other current liabilities	0	0
Other long-term liabilities	0	0
Lease liabilities, finance leases	0	0
Operating lease right-of-use assets	820	790
Total operating lease right-of-use assets	820	790
Current portion of operating lease liabilities	540	543
Operating lease liabilities, less current portion	483	456
Total operating lease liabilities	$ 1,023	$ 999
Operating leases (in years) (Year)	2 years	2 years
Finance leases	0.00%	14.30%
Operating leases	9.60%	7.60%
Property and Equipment, At Cost [Member]
Property and equipment, at cost	$ 1,031	$ 1,031
Accumulated Depreciation and Amortization [Member]
less: accumulated depreciation and amortization	$ (917)	$ (882)

Note M - Goodwill & Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill	$ 4,701			$ 4,701		$ 4,701
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 2,000			$ 2,000		$ 2,000
Finite-Lived Intangible Asset, Useful Life (Year)	13 years			13 years		11 years
Amortization of Intangible Assets	$ 1,545	$ 0		$ 4,619	$ 0
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	6,500			6,500
Finite-Lived Intangible Asset, Expected Amortization, Year One	6,500			6,500
Finite-Lived Intangible Asset, Expected Amortization, Year Two	6,500			6,500
Finite-Lived Intangible Asset, Expected Amortization, Year Three	6,500			6,500
Finite-Lived Intangible Asset, Expected Amortization, Year Four	6,500			6,500
XOMA License Agreement [Member]
Accrued Royalties	$ 6,000			$ 6,000
Patents [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	13 years			13 years
Patents [Member] \| XOMA License Agreement [Member]
Amortization of Intangible Assets			$ 0		$ 0
OLPRUVA [Member]
Finite-Lived Intangible Assets, Net	$ 62,600			$ 62,600		$ 67,200

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (33,225)	$ (10,367)	$ (69,772)	$ (26,157)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(536)	5	(72)	(333)
Other comprehensive (loss) income	(536)	5	(72)	(333)
Comprehensive loss	$ (33,761)	$ (10,362)	$ (69,844)	$ (26,490)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Note M - Goodwill & Intangible Assets

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

M.	Goodwill & Intangible Assets

The Company's goodwill balance was $4.7 million as of September 30, 2024, and December 31, 2023.

As of September 30, 2024, and December 31, 2023, non-amortizable intangible assets include IPR&D of $2.0 million

As of September 30, 2024, and December 31, 2023, the Company had a definite-lived intangible asset, net related to the acquisition of OLPRUVA as a result of the Merger of $62.6 million and $67.2 million, respectively. This is amortized on a straight-line basis over the OLPRUVA patent life of thirteen years and is reviewed periodically for impairment. Amortization expense is recorded as intangible asset amortization in the unaudited condensed consolidated statements of operations and was $1.5 million and $4.6 million for the three and nine months ended September 30, 2024. No amortization expense related to definite-lived intangible assets was recognized for the three and nine months ended September 30, 2023.

In accordance with its policy, the Company reviews the estimated useful lives of its intangible assets on an ongoing basis. This review indicated that based on recent facts and circumstances, including detailed analysis on sales experience and prospective product strategy, the actual life of the definite-lived intangible asset related to OLPRUVA was longer than the estimated useful life previously established at the acquisition of the asset. As a result, effective September 30, 2024, the Company changed its estimate of the useful life of this intangible asset to better reflect the estimated periods during which this asset will remain in service. The estimated useful life was previously 11 years and was increased to approximately 13 years. The change in estimate had no effect on depreciation and amortization expense, net income, or basic and diluted earnings per share for the three and nine months ended September 30, 2024.

In connection with the XOMA License Agreement, the Company owed XOMA a royalty payment of $6.0 million upon approval of MIPLYFFA in September 2024, which is included in intangible assets, net in the unaudited condensed consolidated balance sheet as of September 30, 2024.

This definite-lived intangible asset is amortized on a straight-line basis over the MIPLYFFA patent life of approximately five years and is reviewed periodically for impairment. Amortization expense is recorded as intangible asset amortization in the unaudited condensed consolidated statements of operations and was de minimis for the three and nine months ended September 30, 2024 . No amortization expense related to definite-lived intangible assets was recognized for the three and nine months ended September 30, 2023 .

For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to September 30, 2024, is expected to be $6.5 million per year.

Note K - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2024 (excluding the three months ended March 31, 2024), finance leases	$ 0
2024 (excluding the three months ended March 31, 2024), operating leases	167
2025, finance leases	0
2025, operating leases	536
2026, finance leases	0
2026, operating leases	146
2027, finance leases	0
2027, operating leases	136
2028, finance leases	0
2028, operating leases	161
Thereafter, finance leases	0
Thereafter, operating leases	49
Total lease payments, finance leases	0
Total lease payments, operating leases	1,195
Less: future interest expense, finance leases	0
Less: future interest expense, operating leases	(172)
Lease liabilities, finance leases	0	$ 0
Lease liabilities, operating leases	$ 1,023	$ 999

Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments, Fair Value Disclosure	$ 41,400		$ 41,400		$ 24,700
Unrealized Gain (Loss) on Investments			100		600
Inventory Write-down	2,000	$ 0	5,244	$ 0
Pre-launch Inventory that Qualified for Capitalization [Member]
Inventory, Net	$ 0		$ 0		$ 0

Note J - Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

J.	Net Loss Per Share

For all periods presented herein, the Company did not use the two-class method to compute net loss per share of common stock, even though it had issued securities, other than common stock, that contractually entitled the holders to participate in dividends and earnings, because these holders are not obligated to participate in a loss. The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings.

Under the two-class method, for periods with net income, basic net income per share of common stock is computed by dividing the undistributed net income by the weighted average number of shares of common stock outstanding during the period. Undistributed net income is computed by subtracting from net income the portion of current period earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the period’s earnings been distributed and subtracting the actual or deemed dividends declared. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no obligation to fund losses. Diluted net income per share of common stock is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus the potential dilutive effects of stock options, warrants and other outstanding convertible securities. In addition to analyzing under the two-class method, the Company analyzes the potential dilutive effect of stock options and warrants, under the treasury-stock method and other outstanding convertible securities under the if-converted method when calculating diluted income (loss) per share of common stock, in which it is assumed that the stock options, warrants and other outstanding convertible securities convert into common stock at the beginning of the period or date of issuance, if the stock option, warrant or other outstanding convertible security was issued during the period. The Company reports the more dilutive of the approaches (two-class or treasury-stock/if-converted) as its diluted net income (loss) of common stock during the period.

As noted above, for all periods presented herein, the Company did not utilize the two-class approach as the Company was in a net loss position and the holders of the participating securities have no obligation to fund losses. The Company did analyze diluted net loss per share of common stock under the treasury-stock/if-converted method and noted that all outstanding stock options and warrants were anti-dilutive for the periods presented. For all periods presented, basic net loss per share of common stock was the same as diluted net loss per share of common stock.

The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted average number of shares of common stock outstanding because their effect is anti-dilutive:

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Awards under equity incentive plans		8,987,997		7,262,039		8,987,997		7,262,039
Common stock warrants		5,483,537		4,252,490		5,483,537		4,252,490
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding		14,471,534		11,514,529		14,471,534		11,514,529

A reconciliation from net loss to basic and diluted net loss per share of common stock for the three and nine months ended September 30, 2024, and 2023, is as follows (in thousands):

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Basic and diluted net loss per share of common stock:

Net loss, basic and diluted	$	(33,225	)	$	(10,367	)	$	(69,772	)	$	(26,157	)
Weighted average number of shares of common stock outstanding, basic and diluted		47,809			34,725			43,844			34,364
Basic and diluted net loss per share of common stock	$	(0.69	)	$	(0.30	)	$	(1.59	)	$	(0.76	)

Note G - Stock and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Nov. 22, 2023	Nov. 30, 2023	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Mar. 31, 2024
Common Stock, Shares Authorized (in shares)			250,000,000	250,000,000		250,000,000
Common Stock, Shares, Issued (in shares)			43,110,360	54,803,056		54,803,056
Common Stock, Shares, Outstanding (in shares)			41,534,668	53,227,364		53,227,364		41,991,464	41,850,494
Preferred Stock, Shares Authorized (in shares)			10,000,000	10,000,000		10,000,000
Class of Warrant or Right, Outstanding (in shares)				5,483,537		5,483,537
Stock Issued During Period, Shares, Acquisitions (in shares)		1,382,489
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Stock Issued During Period, Shares, New Issues (in shares)				10,615,385
Derivative and Warrant Liability, Noncurrent			$ 16,100	$ 13,902		$ 13,902
Fair Value Adjustment of Put Option, Net of Tax				$ 6,000	$ 3,700	$ 2,200	$ 4,300
Acer Warrants [Member]
Proceeds from Warrant Exercises		$ 6,000
Class of Warrants or Right, Exercised During Period (in shares)			0			0
Acer Warrants [Member] \| Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		1,382,489
Shares and Warrants Issued, Price Per Share (in dollars per share)		$ 4.34
The Investor Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,920,306	2,920,306
Stock Issued During Period, Shares, New Issues (in shares)	917,934	917,934

Note F - Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

F.	Commitments and Contingencies

From time to time, the Company is involved in various legal proceedings arising in the normal course of business. For some matters, a liability is not probable, or the amount cannot be reasonably estimated and, therefore, an accrual has not been made. However, for such matters when it is probable that the Company has incurred a liability and can reasonably estimate the amount, the Company accrues and discloses such estimates.

Stockholder Litigation Related to the Merger

On October 12, 2023, Brodsky & Smith, purporting to act as counsel for Jerry Beavee, who was asserted to be a stockholder of Acer, filed a complaint entitled Jerry Beavee v. Acer Therapeutics Inc., et al., No. 1:23-cv-08995 in the United States District Court for the Southern District of New York (the "Action") alleging that defendants violated Section 14(a) and 20(a) of the Securities Exchange Act of 1934 by filing the Preliminary Merger Registration Statement which allegedly omitted certain information that such counsel asserts is material to Acer’s required disclosure. On October 30, 2023, Acer filed with the SEC a Schedule DEF14A that contained additional information regarding the Merger, which mooted the disclosure claims alleged in the Action. On December 8, 2023, Jerry Beavee filed with the court a notice of dismissal of the Action without prejudice.

On October 20, 2023, Long Law, LLC and Acocelli Law, PLLC, purporting to act as counsel for Kevin Turner, who was asserted to be a stockholder of Acer, filed a complaint entitled Kevin Turner v. Acer Therapeutics Inc., et al., No. 1:23-cv-01185 in the United States District Court for the District of Delaware alleging that defendants violated Section 14(a) and 20(a) of the Securities Exchange Act of 1934 as well as SEC Rule 14a-9 by filing the Definitive Proxy Statement which allegedly omitted certain information that such counsel asserts is material to Acer’s required disclosure. The complaint prays that, if asserted omissions are not adequately corrected, then Turner will seek to enjoin Acer from holding a stockholder meeting to approve the Merger and, if the Merger closes, will seek to rescind it and seek an award of damages.

On October 20, 2023, Long Law, LLC, purporting to act as counsel for Matthew Jones, who was asserted to be a stockholder of Acer, filed a complaint entitled Matthew Jones v. Acer Therapeutics Inc., et al., No. 1:23-cv-01186 in the United States District Court for the District of Delaware alleging that defendants violated Section 14(a) and 20(a) of the Securities Exchange Act of 1934 as well as SEC Rule 14a-9 by filing the Definitive Proxy Statement which allegedly omitted certain information that such counsel asserts is material to the Acer’s required disclosure. The complaint prays that, if asserted omissions are not adequately corrected, then Jones will seek to enjoin Acer from holding a stockholder meeting to approve the Merger and, if the Merger closes, will seek to rescind it and seek an award of damages.

On June 19, 2024, the Company entered into a confidential fee agreement (the "Fee Agreement") to settle the above stockholder litigation matters related to the Merger. The parties to the Fee Agreement were entitled to an aggregate payment of approximately $0.3 million, which was paid during the second quarter of 2024.

Litigation Related to the AZSTARYS License Agreement

In September 2024, the Company became engaged in a legal dispute regarding the AZSTARYS License Agreement. The litigation is in its early stages. We cannot predict with certainty the timing or ultimate outcome of this litigation or its potential impact on our business, financial condition, or results of operations. At this time, we have not recorded any accrual for contingent liability associated with this matter. The AZSTARYS License Agreement remains in effect during this litigation, and both parties continue to perform their respective obligations thereunder. However, there can be no assurance that this dispute will not have an adverse impact on our relationship with Commave or on the Company's business. The Company will continue to monitor developments in this matter and will assess the potential impact on our financial statements in future periods. The Company expects to incur significant legal expenses in connection with this litigation, which may materially affect its results of operations in future periods.

As of September 30, 2024, and December 31, 2023,no accruals were made related to commitments and contingencies.

Note K - Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing cash flows from finance leases	$ (0)	$ 5
Operating cash flows from operating leases	405	426
Operating cash flows from short-term leases	177	165
Operating cash flows from variable lease costs	39	39
Finance leases	0	0
Operating leases	$ 419	$ 0

Note J - Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Awards under equity incentive plans		8,987,997		7,262,039		8,987,997		7,262,039
Common stock warrants		5,483,537		4,252,490		5,483,537		4,252,490
Total securities excluded from the calculation of weighted average number of shares of common stock outstanding		14,471,534		11,514,529		14,471,534		11,514,529

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Basic and diluted net loss per share of common stock:

Net loss, basic and diluted	$	(33,225	)	$	(10,367	)	$	(69,772	)	$	(26,157	)
Weighted average number of shares of common stock outstanding, basic and diluted		47,809			34,725			43,844			34,364
Basic and diluted net loss per share of common stock	$	(0.69	)	$	(0.30	)	$	(1.59	)	$	(0.76	)

Note G - Stock and Warrants (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Authorized Shares of Common Stock Reserved for Future Issuance [Table Text Block]

	*September 30, 2024*		*December 31, 2023*
Outstanding awards under equity incentive plans		8,987,997		8,023,142
Outstanding common stock warrants		5,483,537		5,603,729
Possible future issuances under equity incentive plans		4,536,410		1,728,885
Possible future issuances under employee stock purchase plans		1,242,425		1,340,172
Total common shares reserved for future issuance		20,250,369		16,695,928

Schedule of Common Stock Outstanding Roll Forward [Table Text Block]

	*Shares of Common Stock*
Balance as of January 1, 2024		41,534,668
Common stock issued as compensation to third parties		9,000
Common stock issued as a result of stock options exercised		306,826
Balance as of March 31, 2024		41,850,494
Common stock issued as a result of the Employee Stock Purchase Plan		97,747
Common stock issued as compensation to third parties		41,820
Common stock issued as a result of stock options exercised		1,403
Balance as of June 30, 2024		41,991,464
Common stock issued as compensation to third parties		32,820
Common stock issued in connection with the Public Offering (Note B)		10,615,385
Common stock issued as a result of stock options exercised		39,750
Common stock issued in connection with vesting of performance-based awards		547,945
Balance as of September 30, 2024		53,227,364

Note A - Description of Business, Basis of Presentation and Significant Transactions

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

A.	Description of Business, Basis of Presentation, and Significant Transactions

Organization

Zevra Therapeutics, Inc. (the "Company") is a commercial-stage company focused on addressing unmet needs for the treatment of rare diseases. The Company has a diverse portfolio of products and product candidates, which includes clinical stage pipeline and commercial stage assets. On September 20, 2024, the U.S. Food and Drug Administration ("FDA") approved the New Drug Application (“NDA”) for MIPLYFFA™ (arimoclomol),an orally-delivered treatment for Niemann-Pick disease type C (“NPC”), which is an ultra-rare and progressive neurodegenerative disease. MIPLYFFA, the first FDA-approved treatment for NPC, is indicated for use in combination with miglustat for the treatment of neurological manifestations of NPC in adult and pediatric patients two years of age and older. In addition, the Company received a transferable rare pediatric disease priority review voucher in conjunction with the approval of MIPLYFFA. MIPLYFFA has also been granted orphan medicinal product designation for the treatment of NPC by the European Commission. OLPRUVA^®(sodium phenylbutyrate) for oral suspension is approved by the FDA for the treatment of urea cycle disorders ("UCDs"). The Company also has a pipeline of investigational product candidates, including celiprolol for the treatment of vascular Ehlers-Danlos syndrome in patients with a confirmed type III collagen mutation. KP1077 is the Company's clinical development product candidate which is being developed as a treatment for idiopathic hypersomnia ("IH"), a rare neurological sleep disorder, and narcolepsy. KP1077 is comprised solely of serdexmethylphenidate (“SDX”), the Company's proprietary prodrug of d-methylphenidate ("d-MPH"). The FDA has granted KP1077 orphan drug designation for the treatment of IH.

The Company changed its name from KemPharm, Inc. to Zevra Therapeutics, Inc. effective as of February 21, 2023. On March 1, 2023, following its name change, the Company's common stock began trading on the Nasdaq Global Select Market under the ticker symbol "ZVRA".

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. During the nine months ended September 30, 2024, and 2023, the Company incurred a net loss of $69.8 million and $26.2 million, respectively, and as of September 30, 2024, has an accumulated deficit of $469.6 million. The Company has sustained operating losses for the majority of its corporate history and expects to continue to incur operating losses and negative operating cash flows until revenues reach a level sufficient to support ongoing operations.

The Company’s ability to continue operating as a going concern is contingent upon its ability to generate revenue from approved products or obtain product candidate regulatory approvals, which would generate revenue, milestones, and cash flow sufficient to support ongoing operations and the satisfaction of financial covenants. These factors raise substantial doubt as to the Company’s ability to continue as a going concern for at least one year from the date the unaudited condensed consolidated financial statements are being issued. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

The Company's liquidity needs will be largely determined by the success of operations through the progression of its products and product candidates in the future. The Company also may consider other sources to fund operations including: (1) out-licensing rights to certain of its technologies and product candidates, pursuant to which the Company would receive cash royalties and milestones; (2) raising additional capital through equity or debt financings or from other sources; (3) obtaining product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (4) reducing spending on one or more research and development programs, including by discontinuing development; and/or (5) restructuring operations to change its overhead structure. The Company is in the early stages of its commercialization effort for OLPRUVA and MIPLYFFA and does not yet have a substantial basis to project future earnings, and its other sources of revenue are not sufficient to sustain its present activities on their own. Accordingly, the Company's ability to continue as a going concern may require it to obtain additional financing to fund its operations.

Basis of Presentation

The Company prepared the unaudited condensed consolidated financial statements in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary.

Merger

On August 30, 2023, the Company and Aspen Z Merger Sub, Inc., a wholly-owned subsidiary of Zevra (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Acer Therapeutics Inc. (“Acer”), a pharmaceutical company focused on development and commercialization of therapies for rare and life-threatening diseases. On November 17, 2023 (the "Closing Date"), the Company completed the acquisition of Acer. Pursuant to the Merger Agreement, on the Closing Date, Merger Sub was merged with and into Acer (the "Merger"), with Acer continuing as the surviving entity and as a wholly-owned subsidiary of Zevra. In connection therewith, Zevra also purchased Acer’s secured debt from Nantahala Capital Management, LLC ("NCM”), certain of its affiliates and certain other parties (collectively with NCM, “Nantahala”) through a series of transactions and Zevra agreed to provide Acer with a bridge loan facility for up to $18.0 million ("Bridge Loan"), subject to certain terms and conditions. The Merger expanded Zevra's rare disease portfolio, as well as increased and diversified its revenues with the addition of a U.S. commercial asset, OLPRUVA, indicated for the treatment of UCDs. See Note L for further discussion related to the Merger.

Registration Statements on Form S-3

In connection with the Merger, Zevra and Nantahala concurrently entered into a registration rights agreement, pursuant to which Zevra agreed to file a resale registration statement with respect to the resale of the Zevra common stock issuable to Nantahala. On February 5, 2024, Zevra filed a registration statement on Form S-3 (File No. 333-276856) registering an aggregate of 2,269,721 shares of Zevra’s common stock. On April 5, 2024, we filed an amendment to the registration statement on Form S-3 (File No. 333-250945) covering the issuance of the shares of our common stock issuable upon the exercise of warrants issued in connection with the Merger (Note L) and remaining unexercised as of the date of the amendment, which was declared effective on April 8, 2024.

On June 4, 2024, the Company filed a registration statement on Form S-3 (File No. 333-279941) (the "June 2024 Registration Statement") under which the Company may sell securities, including as may be issuable upon conversion, redemption, repurchase, exchange or exercise of securities, in one or more offerings up to a total aggregate offering price of $350.0 million, $75.0 million of which was allocated to the sale of the shares of common stock issuable under the 2024 ATM Agreement (as described further below). The registration statement was declared effective on June 13, 2024.

August 2024 Offering

On August 8, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. and William Blair & Company, L.L.C., as representatives of the several underwriters named therein (collectively, the “Underwriters”), in connection with the offering, issuance and sale by the Company of 9,230,770 shares of the Company’s common stock at a public offering price of $6.50 per share, pursuant to the June 2024 Registration Statement and a related prospectus supplement dated August 8, 2024 filed with the SEC (the "August 2024 Offering"). Under the terms of the Underwriting Agreement, the Company also granted the Underwriters an option exercisable for 30 days to purchase up to an additional 1,384,615 shares of its Common Stock at the public offering price, less underwriting discounts and commissions, which the Underwriters exercised in full on August 9, 2024. The August 2024 Offering closed on August 12, 2024. Total shares issued were 10,615,385. Net proceeds from the offering were approximately $64.5 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds of the offering to support the commercial launch activities for MIPLYFFA, continued commercial support for OLPRUVA and the continued development of celiprolol and KP1077 through potential NDA filings and other general corporate purposes.

Based on the planned use of proceeds, the Company believes that the net proceeds from the August 2024 Offering and its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into 2027, subject to continuing compliance with the Company's debt covenants.

Entry into 2024 ATM Agreement

On July 12, 2024, the Company entered into an equity distribution agreement (the "2024 ATM Agreement") with Citizens JMP Securities LLC ("Citizens JMP") under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $75.0 million through Citizens JMP as its sales agent. The issuance and sale, if any, of common stock by the Company under the 2024 ATM Agreement will be made pursuant to the June 2024 Registration Statement, the accompanying prospectus, and the related prospectus supplement dated July 12, 2024. Citizens JMP may sell the common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act. Citizens JMP will use commercially reasonable efforts to sell the common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay Citizens JMP a commission equal to 3.0% in the aggregate of the gross sales proceeds of any common stock sold through Citizens JMP under the 2024 ATM Agreement. As of September 30, 2024, no shares have been issued or sold under the 2024 ATM Agreement.

Termination of 2021 ATM Agreement

On July 2, 2021, the Company entered into an equity distribution agreement (the "2021 ATM Agreement") with JMP Securities LLC ("JMP") and RBC Capital Markets, LLC ("RBCCM") under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $75.0 million through JMP and RBCCM as its sales agents. The issuance and sale, if any, of common stock by the Company under the 2021 ATM Agreement will be made pursuant to the registration statement on Form S-3 (File No. 333-257661) which was declared effective on July 12, 2021, the accompanying prospectus, and the related prospectus supplement dated July 12, 2021. JMP and RBCCM may sell the common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act. JMP and RBCCM will use commercially reasonable efforts to sell the common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay JMP and RBCCM a commission equal to 3.0% in the aggregate of the gross sales proceeds of any common stock sold through JMP and RBCCM under the 2021 ATM Agreement. The 2021 ATM Agreement terminated on July 11, 2024, and no shares had been issued or sold under the 2021 ATM Agreement as of the termination date.

Share Repurchase Program

On December 20, 2021, the Company initiated a share repurchase program (the "Share Repurchase Program") pursuant to which the Company was able to repurchase up to $50 million of shares of its common stock through December 31, 2023. On December 31, 2023, the Share Repurchase Program ended, and the Company had repurchased 1,575,692 shares of its common stock for approximately $11.0 million.

Note H - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				9 Months Ended
	Jan. 01, 2024	Jun. 30, 2021	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 29, 2024	Jan. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			39,750	1,403	306,826
Employee Stock Purchase Plan, Maximum Number of Issuable Shares (in shares)		1,500,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)				97,747			257,575
Share-Based Payment Arrangement, Expense			$ 6,137			$ 1,387	$ 10,888	$ 3,081
Performance Shares [Member]
Share-Based Payment Arrangement, Expense			$ 2,500				$ 2,500	$ 0
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)		4,900,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			9,932,883				9,932,883
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Reserved for Issuance, Incremental Percentage of Capital Stock Outstanding		4.00%
Increase in Common Stock Reserved for Issuance (in shares)	1,661,386
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			27,750			0	761,500	0
The 2023 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)									4,500,000	1,500,000

Note C - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 4,549	$ 2,938
Work in progress	3,084	1,884
Finished goods	1,123	5,019
Total inventory	$ 8,756	$ 9,841

Note G - Stock and Warrants - Reserved Authorized Shares of Common Stock for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Common shares reserved for future issuance (in shares)	20,250,369	16,695,928
Warrant [Member]
Common shares reserved for future issuance (in shares)	5,483,537	5,603,729
Share-Based Payment Arrangement [Member]
Common shares reserved for future issuance (in shares)	8,987,997	8,023,142
Possible Future Issuances Under Equity Incentive Plans [Member]
Common shares reserved for future issuance (in shares)	4,536,410	1,728,885
Possible Future Issuances Under Employee Stock Purchase Plans [Member]
Common shares reserved for future issuance (in shares)	1,242,425	1,340,172

Note H - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Research and development	$	1,441	$	720	$	3,322	$	2,023
Selling, general and administrative		4,696		667		7,566		1,058
Total stock-based compensation expense	$	6,137	$	1,387	$	10,888	$	3,081

Note D - Debt Obligations

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

D.	Debt Obligations

Long-term debt consisted of the following (in thousands):

	*September 30,*			*December 31,*
	*2024*			*2023*
Notes payable	$	61,035		$	—
Secured promissory note		—			5,000
Unamortized original issue (discount) premium		(959	)		148
Less: debt issuance costs		(1,172	)		(82	)
	$	58,904		$	5,066

Secured Promissory Note

In connection with the Merger (Note L), on August 30, 2023, the Company and Nantahala, entered into a secured promissory note payable by Zevra to Nantahala in the original principal amount of $5.0 million (the "Nantahala Note"). The Nantahala Note initially bore interest at 9.0% per annum, payable quarterly in arrears in cash. The interest rate increased to 12.0% per annum effective March 1, 2024, as the Nantahala Note remained unpaid six months from its issue date. The additional 3.0% interest would have been paid in shares of Zevra's common stock based on the volume weighted average trading price ("VWAP") of Zevra's common stock during the twenty consecutive trading days ending on the date before such interest payment date. Beginning on the first interest payment date following the second anniversary of the Nantahala Note, and on each interest payment date thereafter, Zevra was required to make $0.6 million amortization payments on the Nantahala Note until it was paid in full. All principal and unpaid interest on the Nantahala Note would have been due on August 30, 2026, the third anniversary of the Nantahala Note. Zevra was entitled to prepay the Nantahala Note at any time without penalty. The Nantahala Note was secured by Zevra’s interest in (i) the loan assets under the Loan Purchase Agreement described in Note L; (ii) the note assets under the Note Purchase Agreement described in Note L; (iii) the Bridge Loan described in Note L; and (iv) the proceeds therefrom. The Company used the proceeds from the Nantahala Note, along with $12.0 million in cash and 98,683 shares of Zevra's common stock, to acquire Acer's term loans, as more fully described in Note L. In April 2024, the Nantahala Note was repaid in full and terminated. At the time of repayment, Nantahala elected to receive a cash payment in lieu of shares of Zevra's common stock in exchange for the additional 3.0% interest accrued for the period from March 1, 2024, through April 5, 2024.

Line of Credit

On January 26, 2023, the Company and Wells Fargo, as lender, entered into a revolving margin account agreement. The Company's investments were used as collateral for the loan and the amount the Company was able to borrow was limited to 80-90% of its outstanding investment balance held with Wells Fargo. The margin account bore interest at the Prime rate minus 225 basis-points. As of December 31, 2023, $37.7 million was outstanding under the margin account. In April 2024, the Company repaid the outstanding balance under the margin account with Wells Fargo, and upon such repayment, the margin capabilities were removed from the account.

Term Loans

On April 5, 2024 (the "Term Loans Closing Date"), the Company entered into a credit agreement (the “Credit Agreement”) with HCR Stafford Fund II, L.P., HCR Potomac Fund II, L.P., and Perceptive Credit Holdings IV, LP (collectively, the “Lenders”), and Alter Domus (US) LLC, as administrative agent (the “Administrative Agent”).

Under the terms of the Credit Agreement, the Lenders provided a senior secured loan facility to the Company in the aggregate principal amount of $100.0 million, which is divided into three tranches as follows: (i) $60.0 million which was funded in full on the Term Loans Closing Date; (ii) $20.0 million which is available to the Company in up to two drawings, each in an amount not to exceed $10.0 million, at the Company’s option until 18 months following the Term Loans Closing Date; and (iii) $20.0 million which is available to the Company upon approval by the FDA of the NDA for MIPLYFFA for the treatment of NPC, at the Company’s option until December 31, 2024 (collectively, the “Term Loans”).

The principal amount of the Term Loans outstanding (the “Outstanding Principal Amount”) will bear interest at a rate equal to 3-Month Term SOFR plus 7.00% per annum. If the net product sales for the calendar year ending December 31, 2025, exceed $100.0 million, the Outstanding Principal Amount will bear interest at 3-Month Term SOFR plus 6.00% per annum. If the net product sales for the calendar year ending December 31, 2025, do not exceed $100.0 million, then for any subsequent period of four consecutive fiscal quarters ending on or after March 31, 2026, in which net product sales exceed $125.0 million, the Outstanding Principal Amount will bear interest at 3-Month Term SOFR plus 6.50% per annum. In all cases, the 3-Month Term SOFR rate will be subject to a floor of 4.00% per annum. Interest will be payable quarterly in arrears on the last day of each calendar quarter. The Company has the option to pay up to 25% of the interest in-kind beginning on the Term Loans Closing Date, through and including June 30, 2026. The Company has recognized approximately $0.9 million of interest-in-kind as of September 30, 2024, which is included in long-term debt in the unaudited condensed consolidated balance sheet. The Term Loans will mature on the fifth anniversary of the Term Loans Closing Date. In connection with the Credit Agreement, the Company incurred approximately $2.2 million of costs, which primarily consisted of underwriting, legal and other professional fees, and are included as a reduction to the carrying amount of the related debt liability and are deferred and amortized over the remaining life of the financing using the effective interest method.

The Credit Agreement contains customary affirmative and negative covenants by the Company, which among other things, will require the Company to provide certain financial reports to the Lenders within 60 days after the end of each of the first three fiscal quarters of each fiscal year and 105 days after the end of each fiscal year, meet certain minimum net product sales amounts, and limit the ability of the Company to incur or guarantee additional indebtedness, engage in certain transactions, and effect a consolidation or merger without consent. In addition, as long as the line of credit remains active, the Company must maintain a minimum cash balance of $20.0 million to ensure the Company can meet its immediate capital needs. The obligations of the Company under the Credit Agreement may be accelerated upon customary events of default, including non-payment of principal, interest, fees and other amounts, covenant defaults, insolvency, material judgments, or inaccuracy of representations and warranties. The Term Loans are secured by a first priority perfected lien on, and security interest in, substantially all current and future assets of the Company. The proceeds of the Term Loans were used to refinance certain existing indebtedness of the Company and its subsidiaries. The Company will use the remaining proceeds to pay fees and expenses related to the debt financing and fund the development and commercialization of OLPRUVA and MIPLYFFA.

Future minimum principal payments under the Term Loans as of September 30, 2024, were as follows (in thousands):

Year Ending December 31,
2024 (excluding the nine months ending September 30, 2024)	$	—
2025		—
2026		—
2027		—
2028		—
Thereafter		60,919
Total minimum payments		60,919
Less: unamortized debt discount, debt issuance costs and paid in kind interest		(2,015	)
Note payable	$	58,904

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Note K - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Lease, Cost [Table Text Block]

	*Three months ended September 30,*						*Nine months ended September 30,*
Lease Cost	*2024*			*2023*			*2024*			*2023*
Finance lease cost:
Amortization of right-of-use assets	$	12		$	26		$	36		$	90
Interest on lease liabilities		—			—			—			—
Total finance lease cost		12			26			36			90
Operating lease cost		119			113			330			340
Short-term lease cost		59			55			177			165
Variable lease cost		26			13			39			39
Less: sublease income		(50	)		(39	)		(128	)		(117	)
Total lease costs	$	166		$	168		$	454		$	517

Schedule of Leases Cash Flow Information [Table Text Block]

	*Nine months ended September 30,*
	*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	—	$	5
Operating cash flows from operating leases		405		426
Operating cash flows from short-term leases		177		165
Operating cash flows from variable lease costs		39		39

Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	$	—	$	—
Operating leases		419		—

Schedule of Leases Balance Sheet Information [Table Text Block]

	*September 30,*			*December 31,*
	*2024*			*2023*
Finance Leases
Property and equipment, at cost	$	1,031		$	1,031
less: accumulated depreciation and amortization		(917	)		(882	)
Property and equipment, net	$	114		$	149

Other current liabilities	$	—		$	—
Other long-term liabilities		—			—
Total finance lease liabilities	$	—		$	—

Operating Leases
Operating lease right-of-use assets	$	820		$	790
Total operating lease right-of-use assets	$	820		$	790

Current portion of operating lease liabilities	$	540		$	543
Operating lease liabilities, less current portion		483			456
Total operating lease liabilities	$	1,023		$	999

Weighted Average Remaining Lease Term
Operating leases (in years)		2			2

Weighted Average Discount Rate
Finance leases		0.0	%		14.3	%
Operating leases		9.6	%		7.6	%

Operating and Finance Lease, Liability, Maturity [Table Text Block]

	*Finance*		*Operating*
Year Ending December 31,	*Leases*		*Leases*
2024 (excluding the nine months ended September 30, 2024)	$	—	$	167
2025		—		536
2026		—		146
2027		—		136
2028		—		161
Thereafter		—		49
Total lease payments		—		1,195
Less: future interest expense		—		(172	)
Lease liabilities	$	—	$	1,023

Note I - Fair Value of Financial Instruments - Reconciliation of Beginning and Ending Balances for Derivative and Warrant Liability Measured at Fair Value on Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Balance	$ 16,100
Change in fair value measurement	(2,198)
Balance	$ 13,902

Note L - Merger - Reconciliation of Contingent Consideration Liabilities (Details) - Acer Therapeutics Inc [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Balance	$ 7,262
Change in fair value recognized in earnings	(2,462)
Balance	$ 4,800

Note N - Subsequent Events

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

N.	Subsequent Events

The Company evaluated events and transactions occurring subsequent to September 30, 2024, through November 13, 2024, the date the accompanying unaudited condensed consolidated financial statements were issued. During this period, there were no subsequent events that required recognition in the accompanying unaudited condensed consolidated financial statements, nor were there any additional non-recognized subsequent events that required disclosure.

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	54,803,056	43,110,360
Common stock, shares outstanding (in shares)	53,227,364	41,534,668
Undesignated Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Note K - Leases (Details Textual)	9 Months Ended
Note K - Leases (Details Textual)	Sep. 30, 2024
Lessee, Lease, Option to Extend, Maximum Term (Year)	5 years
Lessee, Lease, Option to Terminate, Term (Year)	1 year
Minimum [Member]
Lessee, Lease, Remaining Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Lease, Remaining Term of Contract (Year)	3 years

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, net	$ 3,695	$ 2,895	$ 11,569	$ 14,541
Cost of product revenue (excluding $1,545 and $4,619 in intangible asset amortization for the three and nine months ended September 30, 2024, respectively shown separately below)	2,303	144	6,051	946
Intangible asset amortization	1,545	0	4,619	0
Operating expenses:
Research and development	10,945	12,297	33,743	28,385
Selling, general and administrative	16,208	5,818	38,743	19,657
Total operating expenses	27,153	18,115	72,486	48,042
Loss from operations	(27,306)	(15,364)	(71,587)	(34,447)
Other (expense) income:
Interest expense	(2,312)	(366)	(5,157)	(745)
Fair value adjustment related to warrant and CVR liability	(4,746)	3,678	4,660	4,253
Fair value adjustment related to investments	90	124	64	451
Interest and other income (expense), net	1,049	1,738	2,248	4,331
Total other (expense) income	(5,919)	5,174	1,815	8,290
Loss before income taxes	(33,225)	(10,190)	(69,772)	(26,157)
Income tax expense	0	(177)	0	0
Net loss	$ (33,225)	$ (10,367)	$ (69,772)	$ (26,157)
Basic and diluted net loss per share of common stock:
Net loss (in dollars per share)	$ (0.69)	$ (0.3)	$ (1.59)	$ (0.76)
Weighted average number of shares of common stock outstanding:
Basic and diluted (in shares)	47,808,817	34,724,614	43,843,851	34,364,075

Note I - Fair Value of Financial Instruments - Fair Value Assumptions for Warrant Liabilities (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Weighted average fair value (in dollars per share)	$ 2.54	$ 2.94
Measurement Input, Expected Dividend Rate [Member]
Risk-free interest rate	0	0
Minimum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Risk-free interest rate	0.0351	0.0376
Minimum [Member] \| Measurement Input, Price Volatility [Member]
Risk-free interest rate	0.6176	0.6201
Minimum [Member] \| Measurement Input, Expected Term [Member]
Risk-free interest rate	1.27	2
Maximum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Risk-free interest rate	0.0381	0.0412
Maximum [Member] \| Measurement Input, Price Volatility [Member]
Risk-free interest rate	0.8244	0.9242
Maximum [Member] \| Measurement Input, Expected Term [Member]
Risk-free interest rate	4.14	4.9

Note L - Merger (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Assets
Cash	$	575
Prepaid expenses		278
Other current assets		11
Inventory		9,376
Property, plant, and equipment		35
Other noncurrent assets		209
Approved product - OLPRUVA		68,000
IPR&D - celiprolol		2,000
Goodwill acquired		4,701
		85,185

Liabilities
Accounts payable and accrued expenses	$	10,881
Deferred collaboration funding		1,500
Operating lease liabilities		175
		12,556
Fair Value of Net Assets Acquired	$	72,629

Business Acquisition, Pro Forma Information [Table Text Block]

Three Months Ended

September 30, 2023

Nine Months Ended

September 30, 2023

Pro forma revenue

3,267

14,913

Pro forma net loss

(25,900

)

(54,763

)

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

Balance at December 31, 2023	$	7,262
Change in fair value recognized in earnings		(2,462	)
Balance at September 30, 2024	$	4,800

Note D - Debt Obligations - Aggregate Principal Amount (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unamortized original issue (discount) premium	$ (959)	$ 148
Less: debt issuance costs	(1,172)	(82)
Notes Payable	58,904	5,066
Notes Payable Excluding Secured Promissory Note [Member]
Notes payable	61,035	0
Nantahala Note [Member]
Notes payable	$ 0	$ 5,000

Note J - Net Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income (Loss) Attributable to Parent	$ (33,225)	$ (19,925)	$ (16,622)	$ (10,367)	$ (2,573)	$ (13,217)	$ (69,772)	$ (26,157)
Weighted average number of shares of common stock outstanding, basic and diluted (in shares)	47,808,817			34,724,614			43,843,851	34,364,075
Basic and diluted net loss per share of common stock (in dollars per share)	$ (0.69)			$ (0.3)			$ (1.59)	$ (0.76)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 13, 2024
Document Information [Line Items]
Entity Central Index Key	0001434647
Entity Registrant Name	ZEVRA THERAPEUTICS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36913
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5894398
Entity Address, Address Line One	1180 Celebration Boulevard, Suite 103
Entity Address, City or Town	Celebration
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34747
City Area Code	321
Local Phone Number	939-3416
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ZVRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,375,932

Note L - Merger

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

L.	Merger

On August 30, 2023, in connection with the Merger Agreement with Acer, the following transactions occurred prior to Closing:

●

Bridge Loan - Zevra and Acer entered into a bridge loan agreement (the “Bridge Loan Agreement”), providing for Zevra to make loans to Acer up to an aggregate principal amount of $16.5 million. The Bridge Loan was provided to Acer to support its termination agreement with Relief Therapeutics Holding SA and to provide Acer with working capital, including for payments of accounts payable to support the commercial launch of OLPRUVA and the development of celiprolol pending the Merger’s closure. On October 31, 2023, the Company and Acer entered into an amendment to the Bridge Loan Agreement, which increased the aggregate principal amount available under the loan from $16.5 million to $18.0 million.

●

Purchase of Acer’s Term Loans - Zevra purchased certain indebtedness of Acer held by Nantahala. Under the loan purchase with Nantahala, Zevra purchased (i) an original senior secured term loan facility made available to Acer in an aggregate amount of $6.5 million and funded on March 14, 2022, and (ii) an additional senior secured term loan made to Acer in an aggregate amount of $7.0 million in a single borrowing which funded on January 31, 2023 for (1) $12.0 million in cash; (2) 98,683 shares of Zevra Common Stock; and (3) a secured Promissory Note payable by Zevra to Nantahala in the original principal amount $5.0 million. These were recorded as receivables from Acer and were treated as a settlement of a preexisting relationship in connection with the closing of the transaction and recorded as a component of purchase consideration.

●

Purchase of Acer’s Convertible Notes (“Marathon Convertible Notes”) - Under the Note Purchase Agreement with Nantahala, Zevra purchased the Marathon Convertible Notes that Nantahala had acquired on June 16, 2023. Zevra acquired the Marathon Convertible Notes in exchange for the issuance of 2,171,038 shares of Zevra Common Stock at $5.0667 per share for a total purchase price of $11.0 million.

●

Amendment to IP License Agreement and IP Termination Agreement - As a condition to entering into the Merger Agreement, Acer and Relief entered into the Exclusive License Agreement and the Termination Agreement terminating the collaboration and license agreement, dated March 19, 2021, by and between Acer and Relief. Pursuant to the Exclusive License Agreement, Relief holds exclusive development and commercialization rights for OLPRUVA in Geographical Europe. Acer has the right to receive a royalty of up to 10.0% of the net sales of OLPRUVA in Geographical Europe. In accordance with the terms of the Termination Agreement, Relief received an upfront payment from Acer of $10.0 million (which payment was funded with the Bridge Loan described above) with an additional payment of $1.5 million due on the first-year anniversary of the $10.0 million payment. Acer also agreed to pay a 10.0% royalty on net sales of OLPRUVA worldwide, excluding Geographical Europe, and 20.0% of any value received by Acer from certain third parties relating to OLPRUVA licensing or divestment rights, all of the foregoing which are capped at $45.0 million, for total payments to Relief of up to $56.5 million.

In connection with the closing of the Merger on November 17, 2023, each share of common stock of Acer was converted into the right to receive (i) 0.1210 fully paid and non-assessable shares of common stock of Zevra, par value $0.0001 per share, and (ii) one non-transferable CVR to be issued by Zevra, which will represent the right to receive one or more contingent payments up to an additional $76 million upon the achievement, if any, of certain commercial and regulatory milestones for Acer’s OLPRUVA and celiprolol products within specified time periods. Certain additional cash payments are also possible pursuant to the CVRs with respect to milestones involving Acer’s early-stage program ACER-2820 (emetine).

The assets acquired and liabilities assumed were recorded based on their acquisition date fair values. Consideration for the Merger was $72.6 million and consists of (i) approximately 2.96 million shares of Zevra common stock valued at $12.8 million, (ii) the Bridge Loan advances of $17.8 million, (iii) $12.0 million in cash paid to Nantahala; (iv) 2.27 million shares of Zevra Common Stock issued to Nantahala valued at $11.5 million based on the VWAP of shares of Zevra Common Stock during the 20 consecutive trading days ending on the trading date prior to August 30, 2023; (v) a secured promissory note payable by Zevra to Nantahala in the original principal amount of $5.0 million, as disclosed in Note C, (vi) $8.5 million in the estimated fair value of contingent consideration related to the CVRs, (vii) approximately 0.9 million shares of Zevra Common Stock issued to a former holder of Acer warrants valued at $4.0 million based on Zevra's common stock price on the Effective Date and (viii) $1.0 million in notes payable paid by the Company on Acer's behalf. In addition, effective as of immediately prior to the Effective Time, all of the outstanding and unexercised Acer stock options were automatically cancelled and ceased to exist without any cash or other consideration being paid or provided in respect thereof. The following purchase price allocation reflects the preliminary estimates of and assumptions related to the fair values of assets acquired and liabilities assumed:

Assets
Cash	$	575
Prepaid expenses		278
Other current assets		11
Inventory		9,376
Property, plant, and equipment		35
Other noncurrent assets		209
Approved product - OLPRUVA		68,000
IPR&D - celiprolol		2,000
Goodwill acquired		4,701
		85,185

Liabilities
Accounts payable and accrued expenses	$	10,881
Deferred collaboration funding		1,500
Operating lease liabilities		175
		12,556
Fair Value of Net Assets Acquired	$	72,629

The preliminary fair values assigned to the tangible and intangible assets acquired and liabilities assumed were determined using an income approach based on management’s estimates and assumptions, as well as other information compiled by management, including third-party valuations that utilize customary valuation procedures and techniques. These preliminary fair values are subject to change within the one-year measurement period. The estimated fair values were developed by discounting future net cash flows to their present value at market-based rates of return. The goodwill acquired represents the excess of the purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of the business acquired. The useful lives of the intangible assets for amortization purposes were determined by considering the period of expected cash flows used to measure the fair values of the intangible assets adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic and other factors that may limit the useful life. The marketed product asset is amortized on a straight-line basis over its estimated useful life. As of September 30, 2024, the in-process research and development ("IPR&D") project had not been completed or abandoned and, therefore, the IPR&D intangible asset is not currently subject to amortization.

The results of operations and changes in stockholders' equity for Acer were included in the Company's consolidated financial statements beginning November 18, 2023.

The following pro forma combined results of operations present the acquisition as if it had occurred on January 1, 2023. The pro forma combined results of operations do not necessarily represent the Company's consolidated results of operations had the acquisition occurred on the date assumed, nor are these results necessarily indicative of the Company's future consolidated results of operations. The Company expects to realize certain benefits from integrating Acer into the Company and to incur certain one-time costs. The pro forma combined results of operations do not reflect these benefits or costs.

Three Months Ended

September 30, 2023

Nine Months Ended

September 30, 2023

Pro forma revenue

3,267

14,913

Pro forma net loss

(25,900

)

(54,763

)

Cancellation of Acer Warrant

On November 22, 2023, the Company sold an aggregate of 917,934 shares of its common stock to a healthcare focused investment fund (the "Investor") to cancel a warrant held by the Investor to purchase 2,920,306 shares of common stock of Acer. The shares of common stock were offered and sold to the Investor in a registered direct offering without an underwriter or placement agent.

Contingent Consideration

Contingent consideration liabilities relate to our liabilities arising in connection with the CVRs issued as a result of the Merger. The contingent consideration is classified as Level 3 in the fair value hierarchy. The fair value is measured based on a Monte Carlo simulation or a scenario-based method, depending on the earn-out achievement objectives, utilizing projections about future performance. Significant inputs include volatility and projected financial information, including projections representative of a market participant's view of the expected cash payments associated with the agreed upon regulatory milestones based on probabilities of technical success, timing of the potential milestone events for the compounds, and estimated discount rates.

The following table provides a reconciliation of the beginning and ending balances related to the contingent consideration liabilities for the CVRs (dollars in thousands):

Balance at December 31, 2023	$	7,262
Change in fair value recognized in earnings		(2,462	)
Balance at September 30, 2024	$	4,800

For thenine months ended September 30, 2024, the Company recorded a $2.5 million gain on the change in fair value of contingent consideration, primarily due to changes in market data and revenue projections.

Note H - Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

H.	Stock-Based Compensation

The Company maintains a stock-based compensation plan (the “Incentive Stock Plan”) that governs stock awards made to employees and directors prior to completion of the IPO.

In November 2014, the Board of Directors of the Company ("the Board"), and in April 2015, the Company’s stockholders, approved the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), which became effective in April 2015. The 2014 Plan provides for the grant of stock options, other forms of equity compensation, and performance cash awards. In June 2021, the Company's stockholders approved an Amended and Restated 2014 Equity Incentive Plan (the "A&R 2014 Plan"), following its adoption by the Board in April 2021, which among other things added 4,900,000 shares to the maximum number of shares of common stock to be issued under the plan and extended the annual automatic increases (discussed further below) until January 1, 2031 and eliminated individual grant limits that applied under the 2014 Plan to awards that were intended to comply with the exemption for "performance-based compensation" under Code Section 162(m). The maximum number of shares of common stock that may be issued under the A&R 2014 Plan is 9,932,883 as of September 30, 2024. The number of shares of common stock reserved for issuance under the A&R 2014 Plan will automatically increase on January 1 of each year, until and including January 1, 2031, by 4% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Board. Pursuant to the terms of the 2014 Plan, on January 1, 2024, the common stock reserved for issuance under the 2014 Plan automatically increased by 1,661,386 shares.

During the three and nine months ended September 30, 2024, 27,750, and 761,500 stock options were exercised, respectively. During the three and nine months ended September 30, 2023, no stock options were exercised.

In June 2021, the Company's stockholders approved an Employee Stock Purchase Plan (the "ESPP"), following its adoption by the Board in April 2021. The maximum number of shares of common stock that may be issued under the ESPP is 1,500,000. The first offering period under the ESPP began on October 1, 2021, and the first purchase date occurred on May 31, 2022. As of September 30, 2024, 257,575 shares have been issued under the ESPP.

In January 2023, the Board approved the 2023 Employment Inducement Award Plan (the "2023 Plan"). The maximum number of shares of common stock that were initially available for issuance under the 2023 Plan was 1,500,000. In February 2024, the Board approved an amendment to the 2023 Plan to increase the aggregate number of shares of common stock available for issuance under the 2023 Plan from 1,500,000 to 4,500,000 shares.

In May 2023, the Board approved the Ninth Amended and Restated Non-Employee Director Compensation Policy (the “Non-Employee Director Compensation Policy”). The equity compensation made pursuant to the Non-Employee Director Compensation Policy will be granted under the A&R 2014 Plan.

Stock-based compensation expense recorded under the Incentive Stock Plan, A&R 2014 Plan, ESPP and 2023 Plan is included in the following line items in the accompanying unaudited condensed consolidated statements of operations (in thousands):

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Research and development	$	1,441	$	720	$	3,322	$	2,023
Selling, general and administrative		4,696		667		7,566		1,058
Total stock-based compensation expense	$	6,137	$	1,387	$	10,888	$	3,081

During the three and nine months ended September 30, 2024, the Company recognized approximately $2.5 million in stock-based compensation expense related to performance-based awards. There was no stock-based compensation expense related to performance-based awards recognized during the nine months ended September 30, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
ZVRA_ Timothy J. Sangiovanni [Member]
Trading Arrangements, by Individual
Trading Arrangement Adoption Date	October 15, 2024
Trading Arrangement, Individual Name	Timothy J. Sangiovanni
Trading Arrangement, Individual Title	Senior Vice President, Finance and Corporate Controller
Rule 10b5-1 Arrangement Adopted [Flag]	true
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement, Securities Aggregate Available Amount	3,000
Trading Arrangement Termination Date	April 15, 2025
ZVRA_ Sven Guenther, Ph.D [Member]
Trading Arrangements, by Individual
Trading Arrangement Adoption Date	October 15, 2024
Trading Arrangement, Individual Name	Sven Guenther, Ph.D.
Trading Arrangement, Individual Title	Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted [Flag]	true
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement, Securities Aggregate Available Amount	8,000
Trading Arrangement Termination Date	April 15, 2025
ZVRA_ Joshua Schafer [Member]
Trading Arrangements, by Individual
Trading Arrangement Adoption Date	October 15, 2024
Trading Arrangement, Individual Name	Joshua Schafer
Trading Arrangement, Individual Title	Chief Commercial Officer & Executive Vice President, Business Development
Rule 10b5-1 Arrangement Adopted [Flag]	true
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement, Securities Aggregate Available Amount	10,500
Trading Arrangement Termination Date	April 15, 2025
ZVRA_Christal M.M. Mickle [Member]
Trading Arrangements, by Individual
Trading Arrangement Adoption Date	October 15, 2024
Trading Arrangement, Individual Name	Christal M.M. Mickle
Trading Arrangement, Individual Title	Chief Development Officer
Rule 10b5-1 Arrangement Adopted [Flag]	true
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement, Securities Aggregate Available Amount	6,300
Trading Arrangement Termination Date	April 15, 2025
ZVRA_R. LaDuane Clifton [Member]
Trading Arrangements, by Individual
Trading Arrangement Adoption Date	October 15, 2024
Trading Arrangement, Individual Name	R. LaDuane Clifton
Trading Arrangement, Individual Title	Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Adopted [Flag]	true
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement, Securities Aggregate Available Amount	11,000
Trading Arrangement Termination Date	April 15, 2025
ZVRA_ Neil F. McFarlane [Member]
Trading Arrangements, by Individual
Trading Arrangement Adoption Date	October 15, 2024
Trading Arrangement, Individual Name	Neil F. McFarlane
Trading Arrangement, Individual Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted [Flag]	true
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement, Securities Aggregate Available Amount	91,817
Trading Arrangement Termination Date	April 15, 2025

Note L - Merger (Details Textual) $ / shares in Units, $ in Thousands							1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 22, 2023 shares	Nov. 17, 2023 USD ($) $ / shares shares	Aug. 30, 2023 USD ($) shares	Jun. 16, 2023 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) shares	Mar. 14, 2022 USD ($)	Nov. 30, 2023 shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares							1,382,489
Stock Issued During Period, Shares, New Issues (in shares) \| shares								10,615,385
Stock Issued During Period, Value, New Issues								$ 64,517
The Investor Warrant [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares	917,934						917,934
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares	2,920,306						2,920,306
SWK Loans [Member]
Payments to Acquire Notes Receivable			$ 12,000		$ 12,000
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares			98,683		98,683
Marathon Convertible Notes [Member]
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares				2,171,038
Asset Acquisition, Share Price (in dollars per share) \| $ / shares				$ 5.0667
Asset Acquisition, Consideration Transferred				$ 11,000
SWK Loans and Marathon Notes [Member]
Payments to Acquire Notes Receivable		$ 12,000
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares		2,270,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable		$ 11,500
VWAP, Consecutive Trading Days (Year)		20 years
Nantahala Note [Member]
Debt Instrument, Face Amount		$ 5,000	$ 5,000		$ 5,000
Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member]
Maximum Royalty Percentage			20.00%
Upfront Payment			$ 10,000
Addiitonal Payment on First Anniversary			1,500
Maximum Royalty Obligation			$ 45,000
Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member] \| Europe [Member]
Maximum Royalty Percentage			10.00%
Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member] \| Worldwide, Excluding Europe [Member]
Maximum Royalty Percentage			10.00%
Acer Therapeutics Inc [Member] \| SWK Loans [Member]
Proceeds from Issuance of Long-Term Debt					$ 7,000	$ 6,500
Maximum [Member] \| Acer Therapeutics Inc [Member] \| License Agreement and Termination Agreement [Member] \| Relief [Member]
Contractual Obligation			$ 56,500
Bridge Loan [Member]
Financing Receivable, Maximum Limit			18,000								$ 18,000
Bridge Loan [Member] \| Minimum [Member]
Financing Receivable, Maximum Limit			16,500
Acer Therapeutics Inc [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Conversion Ratio		0.121
Business Acquisition, Share Price (in dollars per share) \| $ / shares		$ 0.0001
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 76,000
Business Combination, Consideration Transferred		$ 72,600
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares		2,960,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 12,800
Business Combination, Contingent Consideration, Liability		8,500						$ 4,800	$ 4,800	$ 7,262
Repayments of Notes Payable		$ 1,000
Gain (Loss) on Contingent Consideration, Change in Fair Value									$ 2,500
Acer Therapeutics Inc [Member] \| Acer Warrants [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares		900,000
Stock Issued During Period, Value, New Issues		$ 4,000
Acer Therapeutics Inc [Member] \| Bridge Loan [Member]
Business Combination, Consideration Transferred, Other		$ 17,800	$ 16,500

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Previously Reported [Member] Common Stock [Member]	Previously Reported [Member] Additional Paid-in Capital [Member]	Previously Reported [Member] Treasury Stock, Common [Member]	Previously Reported [Member] Retained Earnings [Member]	Previously Reported [Member] AOCI Attributable to Parent [Member]	Previously Reported [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2022	$ 3	$ 436,269	$ (7,536)	$ (353,729)	$ 113	$ 75,120
Net Income (loss)							$ 0	$ 0	$ 0	$ (13,217)	$ 0	$ (13,217)
Stock-based compensation expense							0	945	0	0	0	945
Issuance of common stock in exchange for consulting services							0	42	0	0	0	42
Other comprehensive income							0	0	0	0	(176)	(176)
Net loss							0	0	0	(13,217)	0	(13,217)
Balance at Mar. 31, 2023							3	437,256	(10,983)	(366,946)	(63)	59,267
Shares repurchased as part of the Share Repurchase Program							0	0	(3,447)	0	0	(3,447)
Balance at Dec. 31, 2022	3	436,269	(7,536)	(353,729)	113	75,120
Net Income (loss)												(26,157)
Other comprehensive income												(333)
Net loss												(26,157)
Balance at Sep. 30, 2023							3	452,608	(10,983)	(379,886)	(220)	61,522
Balance at Mar. 31, 2023							3	437,256	(10,983)	(366,946)	(63)	59,267
Net Income (loss)							0	0	0	(2,573)	0	(2,573)
Stock-based compensation expense							0	2,151	0	0	0	2,151
Issuance of common stock in exchange for consulting services							0	25	0	0	0	25
Issuance of common stock as part of the Employee Stock Purchase Plan							0	165	0	0	0	165
Other comprehensive income							0	0	0	0	(162)	(162)
Net loss							0	0	0	(2,573)	0	(2,573)
Balance at Jun. 30, 2023							3	439,597	(10,983)	(369,519)	(225)	58,873
Net Income (loss)							0	0	0	(10,367)	0	(10,367)
Stock-based compensation expense							0	1,440	0	0	0	1,440
Issuance of common stock in exchange for consulting services							0	71	0	0	0	71
Other comprehensive income							0	0	0	0	5	5
Net loss							0	0	0	(10,367)	0	(10,367)
Balance at Sep. 30, 2023							3	452,608	(10,983)	(379,886)	(220)	61,522
Issuance of common stock in connection with the Merger (Note L)							0	11,500	0	0	0	11,500
Balance at Dec. 31, 2023	4	472,664	(10,983)	(399,778)	(43)	61,864						61,864
Net Income (loss)							0	0	0	(16,622)	0	(16,622)
Stock-based compensation expense							0	2,119	0	0	0	2,119
Issuance of common stock in exchange for consulting services							0	56	0	0	0	56
Issuance of common stock as part of the Employee Stock Purchase Plan							0	71	0	0	0	71
Issuance of common stock for options exercised							0	1,146	0	0	0	1,146
Other comprehensive income							0	0	0	0	184	184
Net loss							0	0	0	(16,622)	0	(16,622)
Balance at Mar. 31, 2024							4	476,056	(10,983)	(416,400)	141	48,818
Balance at Dec. 31, 2023	$ 4	$ 472,664	$ (10,983)	$ (399,778)	$ (43)	$ 61,864						61,864
Net Income (loss)												(69,772)
Other comprehensive income												(72)
Net loss												(69,772)
Balance at Sep. 30, 2024							5	550,413	(10,983)	(469,550)	(115)	69,770
Balance at Mar. 31, 2024							4	476,056	(10,983)	(416,400)	141	48,818
Net Income (loss)							0	0	0	(19,925)	0	(19,925)
Stock-based compensation expense							0	2,632	0	0	0	2,632
Issuance of common stock in exchange for consulting services							0	193	0	0	0	193
Issuance of common stock as part of the Employee Stock Purchase Plan							0	480	0	0	0	480
Other comprehensive income							0	0	0	0	280	280
Net loss							0	0	0	(19,925)	0	(19,925)
Balance at Jun. 30, 2024							4	479,361	(10,983)	(436,325)	421	32,478
Net Income (loss)							0	0	0	(33,225)	0	(33,225)
Stock-based compensation expense							0	6,137	0	0	0	6,137
Issuance of common stock in exchange for consulting services							0	150	0	0	0	150
Issuance of common stock as part of the Employee Stock Purchase Plan							0	92	0	0	0	92
Issuance of common stock for options exercised							0	157	0	0	0	157
Other comprehensive income							0	0	0	0	(536)	(536)
Net loss							0	0	0	(33,225)	0	(33,225)
Issuance of common stock in public offering							1	64,516	0	0	0	64,517
Balance at Sep. 30, 2024							$ 5	$ 550,413	$ (10,983)	$ (469,550)	$ (115)	$ 69,770

Note J - Net Loss Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2023
Antidilutive securities (in shares)	14,471,534	11,514,529	14,471,534	11,514,529
Share-Based Payment Arrangement [Member]
Antidilutive securities (in shares)	8,987,997	7,262,039	8,987,997	7,262,039
Warrants to Purchase Common Stock [Member]
Antidilutive securities (in shares)	5,483,537	4,252,490	5,483,537	4,252,490

Note L - Merger - Estimates and Assumptions Related to Fair Value of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Nov. 17, 2023
Cash			$ 575
Prepaid expenses			278
Other current assets			11
Inventory			9,376
Property, plant, and equipment			35
Other noncurrent assets			209
Approved product - OLPRUVA			68,000
?IPR&D - celiprolol			2,000
Goodwill acquired	$ 4,701	$ 4,701
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			85,185
Accounts payable and accrued expenses			10,881
Deferred collaboration funding			1,500
Operating lease liabilities			175
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			12,556
Fair Value of Net Assets Acquired			72,629
Acer Therapeutics Inc [Member]
Goodwill acquired			$ 4,701

Note H - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock based compensation expense	$ 6,137	$ 1,387	$ 10,888	$ 3,081
Research and Development Expense [Member]
Stock based compensation expense	1,441	720	3,322	2,023
General and Administrative Expense [Member]
Stock based compensation expense	$ 4,696	$ 667	$ 7,566	$ 1,058

Note D - Debt Obligations (Details Textual) - USD ($) $ in Thousands					1 Months Ended	9 Months Ended
	Apr. 05, 2024	Aug. 30, 2023	Jan. 31, 2023	Jan. 26, 2023	Nov. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 01, 2024	Dec. 31, 2023	Nov. 17, 2023
Stock Issued During Period, Shares, Acquisitions (in shares)					1,382,489
Proceeds from Issuance of Debt						$ 58,990	$ 38,801
Debt Issuance Costs, Net						1,172			$ 82
Wells Fargo Bank, N.A. [Member]
Long-Term Line of Credit									$ 37,700
Wells Fargo Bank, N.A. [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate				2.25%
Wells Fargo Bank, N.A. [Member] \| Minimum [Member]
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Investments				80.00%
Wells Fargo Bank, N.A. [Member] \| Maximum [Member]
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Investments				90.00%
SWK Loans [Member]
Payments to Acquire Notes Receivable		$ 12,000	$ 12,000
Stock Issued During Period, Shares, Acquisitions (in shares)		98,683	98,683
Nantahala Note [Member]
Debt Instrument, Face Amount		$ 5,000	$ 5,000							$ 5,000
Debt Instrument, Interest Rate, Stated Percentage		9.00%
Debt Instrument, Interest Rate, Stated Percentage, If Unpaid Within Six Months		12.00%
Debt Instrument, Interest Rate, Increase in Stated Percentage, If Unpaid Within Six Months		3.00%						3.00%
Debt Instrument, Interest, Shares, Consecutive Trading Days For Calculation of VWAP (Day)		20 days
Debt Instrument, Periodic Payment, Interest		$ 600
Term Loans Under Credit Agreement [Member
Debt Instrument, Face Amount	$ 100,000
Proceeds from Issuance of Debt	60,000
Debt Instrument, Available Amount Until 18 Months Following Closing Date	20,000
Debt Instrument, Available Amount Until 18 Months Following Closing Date, Maximum Each Drawing	10,000
Debt Instrument, Available Amount Until December 31, 2024	20,000
Debt Instrument, Net Product Sales Performance Benchmark	100,000
Debt Instrument, Net Product Sales Performance Benchmark in Next Year	$ 125,000
Debt Instrument, Maximum Interest Payment, Percentage	25.00%
Interest Payable						900
Debt Issuance Costs, Net						2,200
Debt Instrument, Minimum Cash Balance						$ 20,000
Term Loans Under Credit Agreement [Member \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	7.00%
Debt Instrument, Basis Spread on Variable Rate When Performance Benchmark Meet	6.00%
Debt Instrument, Basis Spread on Variable Rate When Performance Benchmark Meet in Next Year	6.50%
Debt Instrument, Floor Rate	4.00%

Note A - Description of Business, Basis of Presentation and Significant Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended						9 Months Ended
	Aug. 12, 2024	Aug. 08, 2024	Jul. 11, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 12, 2024	Jun. 04, 2024	Feb. 05, 2024	Dec. 31, 2023	Oct. 31, 2023	Aug. 30, 2023	Dec. 20, 2021	Jul. 02, 2021
Net Income (Loss) Attributable to Parent				$ (33,225)	$ (19,925)	$ (16,622)	$ (10,367)	$ (2,573)	$ (13,217)	$ (69,772)	$ (26,157)
Retained Earnings (Accumulated Deficit)				$ (469,550)						$ (469,550)					$ (399,778)
Common Stock Registered, Shares (in shares)														2,269,721
Common Stock Registered, Maximum Offering Price													$ 350,000
Stock Issued During Period, Shares, New Issues (in shares)				10,615,385
Stock Repurchase Program, Authorized Amount																		$ 50,000
Share Repurchase Program [Member]
Treasury Stock, Common, Shares (in shares)															1,575,692
Treasury Stock, Common, Value															$ 11,000
ATM Agreement Sales [Member]
Common Stock Registered, Maximum Offering Price													$ 75,000
ATM Agreement Sales [Member] \| JMP [Member]
Stock Issued During Period, Shares, New Issues (in shares)										0
Equity Distribution Agreement, Maximum Aggregate Offering Price												$ 75,000
Equity Distribution Agreement, Commission Fee, Percentage of Gross Sales												3.00%
ATM Agreement Sales [Member] \| JMP and RBCCM [Member]
Stock Issued During Period, Shares, New Issues (in shares)			0
Equity Distribution Agreement, Maximum Aggregate Offering Price																			$ 75,000
Equity Distribution Agreement, Commission Fee, Percentage of Gross Sales																			3.00%
Underwriting Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)		9,230,770
Shares Issued, Price Per Share (in dollars per share)		$ 6.5
Over-Allotment Option [Member] \| Maximum [Member]
Stock Issuable During the Period (in shares)		1,384,615
Underwriting Agreement and Over-allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)	10,615,385
Proceeds from Issuance of Common Stock, Net	$ 64,500
Bridge Loan [Member]
Financing Receivable, Maximum Limit																$ 18,000	$ 18,000

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 54,039	$ 43,049
Securities at fair value, current	35,337	24,688
Accounts and other receivables	7,790	17,377
Prepaid expenses and other current assets	2,276	1,824
Total current assets	99,442	86,938
Inventories	8,756	9,841
Securities at fair value, long-term	6,105	0
Property and equipment, net	607	736
Operating lease right-of-use assets	820	790
Goodwill acquired	4,701	4,701
Intangible assets, net	70,608	69,227
Other long-term assets	512	94
Total assets	191,551	172,327
Liabilities and stockholders' equity
Accounts payable and accrued expenses	24,464	28,403
Line of credit payable	0	37,700
Current portion of operating lease liabilities	540	543
Current portion of discount and rebate liabilities	8,547	4,550
Other current liabilities	930	2,524
Total current liabilities	34,481	73,720
Long-term debt	58,904	5,066
Warrant liability	13,902	16,100
Operating lease liabilities, less current portion	483	456
Discount and rebate liabilities, less current portion	8,490	7,663
Other long-term liabilities	5,521	7,458
Total liabilities	121,781	110,463
Commitments and contingencies (Note D)
Stockholders’ equity:
Common stock, $0.0001 par value, 250,000,000 shares authorized, 54,803,056 shares issued and 53,227,364 shares outstanding as of September 30, 2024; 43,110,360 shares issued and 41,534,668 shares outstanding as of December 31, 2023	5	4
Additional paid-in capital	550,413	472,664
Treasury stock, at cost	(10,983)	(10,983)
Accumulated deficit	(469,550)	(399,778)
Accumulated other comprehensive income (loss)	(115)	(43)
Total stockholders' equity	69,770	61,864
Total liabilities and stockholders' equity	191,551	172,327
Undesignated Preferred Stock [Member]
Stockholders’ equity:
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of September 30, 2024, or December 31, 2023	$ 0	$ 0

Note G - Stock and Warrants - Common Stock Activity (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
Balance (in shares)	41,991,464	41,850,494	41,534,668	41,534,668
Common stock issued as compensation to third parties (in shares)	32,820	41,820	9,000
Common stock issued as a result of stock options exercised (in shares)	39,750	1,403	306,826
Common stock issued as a result of the Employee Stock Purchase Plan (in shares)		97,747		257,575
Common stock issued as compensation to third parties (in shares)	32,820	41,820	9,000
Common stock issued in connection with the Public Offering (Note B) (in shares)	10,615,385
Common stock issued in connection with vesting of performance-based awards (in shares)	547,945
Balance (in shares)	53,227,364	41,991,464	41,850,494	53,227,364

Note D - Debt Obligations - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Note payable	$ 58,904	$ 5,066
Term Loans Under Credit Agreement [Member
2024 (excluding the nine months ending September 30, 2024)	0
2025	0
2026	0
2027	0
2028	0
Thereafter	60,919
Total minimum payments	60,919
Less: unamortized debt discount, debt issuance costs and paid in kind interest	(2,015)
Note payable	$ 58,904

Note I - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total liabilities	$ 18,702	$ 23,362
Total assets	41,442	24,688
US Treasury Securities [Member]
Total assets	35,337	24,688
Corporate Bond Securities [Member]
Total assets	6,105
Fair Value, Inputs, Level 1 [Member]
Total liabilities	0	0
Total assets	35,337	24,688
Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Total assets	35,337	24,688
Fair Value, Inputs, Level 1 [Member] \| Corporate Bond Securities [Member]
Total assets	0
Fair Value, Inputs, Level 2 [Member]
Total liabilities	0	0
Total assets	6,105	0
Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Total assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Corporate Bond Securities [Member]
Total assets	6,105
Fair Value, Inputs, Level 3 [Member]
Total liabilities	18,702	23,362
Total assets	0	0
Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Total assets	0	0
Fair Value, Inputs, Level 3 [Member] \| Corporate Bond Securities [Member]
Total assets	0
CVR Liability [Member]
Total liabilities	4,800	7,262
CVR Liability [Member] \| Fair Value, Inputs, Level 1 [Member]
Total liabilities	0	0
CVR Liability [Member] \| Fair Value, Inputs, Level 2 [Member]
Total liabilities	0	0
CVR Liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Total liabilities	4,800	7,262
Warrants [Member]
Total liabilities	13,902	16,100
Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Total liabilities	0	0
Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Total liabilities	0	0
Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Total liabilities	$ 13,902	$ 16,100

Note E - Revenue, Net

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

E.	Revenue, net

Licensing Agreements

AZSTARYS License Agreement

The Company entered into a Collaboration and License Agreement (the “AZSTARYS License Agreement”) with Commave Therapeutics SA (formerly known as Boston Pharmaceutical S.A.) ("Commave"), an affiliate of Gurnet Point Capital, L.P., dated September 3, 2019. Under the AZSTARYS License Agreement, as amended, the Company granted to Commave an exclusive, worldwide license to develop, manufacture and commercialize the Company’s product candidates containing SDX and d-MPH, including AZSTARYS, or any other product candidates containing SDX and developed to treat ADHD or any other central nervous system disorder. Corium Inc. was tasked by Commave to lead all commercialization activities for AZSTARYS under the AZSTARYS License Agreement. Pursuant to the AZSTARYS License Agreement, Commave agreed to pay milestone payments up to an aggregate of $590.0 million upon the occurrence of specified regulatory milestones related to AZSTARYS, additional fixed payments upon the achievement of specified U.S. sales milestones, and quarterly, tiered royalty payments based on a range of percentages of net sales (as defined in the AZSTARYS License Agreement). Commave is obligated to make such royalty payments on a product-by-product basis until expiration of the royalty term for the applicable product.

The Company concluded that these regulatory milestones, sales milestones and royalty payments each contain a significant uncertainty associated with a future event. As such, these milestone and royalty payments are constrained at contract inception and are not included in the transaction price as the Company could not conclude that it is probable a significant reversal in the amount of cumulative revenue recognized will not occur surrounding these milestone paym ents. At the end of each reporting period, the Company updates its assessment of whether the milestone and royalty payments are constrained by considering both the likelihood and magnitude of the potential revenue reversal. For the three and nine months ended September 30, 2024, the Company recognized $1.1 million and $3.6 million of revenue under the AZSTARYS License Agreement, respectively, primarily related to royalties. For the three and nine months ended September 30, 2023, the Company recognized revenue under the AZSTARYS License Agreement of $0. 9 million and $7.2 million, respectively, which includes recognition of a $5.0 million net sales milestone that was met in June 2023. There was no deferred revenue related to this agreement as of September 30, 2024, or December 31, 2023.

In accordance with the terms of the Company’s Termination Agreement with Aquestive Therapeutics ("Aquestive") dated March 20, 2012, Aquestive has the right to receive an amount equal to 10% of any royalty or milestone payments made to the Company related to AZSTARYS or KP1077 under the AZSTARYS License Agreement.

The AZSTARYS License Agreement is within the scope of ASC 606, as the transaction represents a contract with a customer where the participants function in a customer / vendor relationship and are not exposed equally to the risks and rewards of the activities contemplated under the AZSTARYS License Agreement.

Relief Exclusive License Agreement

As a condition to entering into the Merger Agreement, Acer and Relief Therapeutics SA ("Relief") entered into an exclusive license agreement on August 30, 2023 (the “Relief License Agreement”). Pursuant to the Relief License Agreement, Relief will hold exclusive development and commercialization rights for OLPRUVA in the European Union, Liechtenstein, San Marino, Vatican City, Norway, Iceland, Principality of Monaco, Andorra, Gibraltar, Switzerland, United Kingdom, Albania, Bosnia, Kosovo, Montenegro, Serbia and North Macedonia ("Geographical Europe"). The Company will have the right to receive a royalty of up to 10% of the net sales of OLPRUVA in Geographical Europe. For the three and nine months ended September 30, 2024, the Company did not recognize any revenue under the Relief License Agreement. There was no deferred revenue related to this agreement as of September 30, 2024, and December 31, 2023. For further discussion of the Relief License Agreement, see Note L.

Product Revenues, Net

Expanded Access Program

Net revenue includes revenue from the sale of arimoclomol for the treatment of NPC under the remunerated expanded access compassionate use program in France (“French nATU”). An expanded access compassionate use program is a program giving specific patients access to a drug, which is not yet approved for commercial sale. Only drugs targeting serious or rare indications and for which there is currently no appropriate treatment are considered for expanded access compassionate use programs. Further, to be considered for the expanded access compassionate use program, the drug must have proven efficacy and safety and must either be undergoing price negotiations or seeking marketing approval.

In accordance with ASC 606, the Company recognizes revenue when fulfilling its performance obligation under the Expanded Access Program ("EAP") by transferring control of promised goods or services to its customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In determining when the customer obtains control of the product, the Company considers certain indicators, including whether the Company has a present right to payment from the customer, whether title and/or significant risks and rewards of ownership have transferred to the customer and whether the customer acceptance has been received. Revenue is recognized net of sales deductions, including discounts, rebates, applicable distributor fees, and revenue-based taxes.

The French Health Authorities and the manufacturer have agreed to a price for sales during the French nATU, but the final transaction price depends on the terms and conditions in the contracts with the French Health Authorities and is subject to price negotiations with the French Health Authorities following market approval. Any excess in the price charged the manufacturer compared to the price agreed with the health authorities once the drug product is approved in France must be repaid. The repayment is considered in the clawback liability (rebate). An estimate of net revenue and clawback liability are recognized using the ‘expected value’ method. Accounting for net revenue and clawback liability requires determination of the most appropriate method for the expected final transaction price. This estimate also requires assumptions with respect to inputs into the method, including current pricing of comparable marketed products within the rare disease area in France. Management has considered the expected final sales price as well as the price of similar drug products. The Company is operating within a rare disease therapeutic area where there is unmet treatment need and hence a limited number of comparable commercialized drugs products. The limited available relevant market information for directly comparable commercialized drugs within rare disease increases the uncertainty in management's estimate.

For the three and nine months ended September 30, 2024, the Company recognized revenue related to the EAP in France of $2.6 million and $8.0 million, respectively, which is net of a clawback liability of $1.4 million and $4.4 million, respectively, and other gross to net adjustments. For the three and nine months ended September 30, 2023, the Company recognized revenue related to the EAP in France of $2.0 million and $7.1 million, respectively, which is net of a clawback liability of $1.1 million and $4.0 million, respectively, and other gross to net adjustments. The total estimated reserve liability as of September 30, 2024, and December 31, 2023, w as $17.0 million and $12.2 million, respectively. As of September 30, 2024, and December 31, 2023, this estimated reserve liability is recorded as discount and rebate liabilities in the unaudited condensed consolidated balance sheets and is separated into current and long-term based upon the timing of the expected payment to the French regulators.

Product Sales

On December 27, 2022, the FDA approved OLPRUVA (sodium phenylbutyrate), a prescription medicine used along with certain therapy, including changes in diet, for the long-term management of adults and children with UCDs weighing 44 pounds (20 kg) or greater and with a body surface area of 1.2m2 or greater. On November 17, 2023, the Company acquired OLPRUVA in connection with the Merger (Note L). For the three and nine months ended September 30, 2024, sales of OLPRUVA were de minimis.

On September 20, 2024, the NDA for MIPLYFFA,an orally-delivered treatment for NPC, which is an ultra-rare and progressive neurodegenerative disease, was approved. For the three and nine months ended September 30, 2024, sales of MIPLYFFA were de minimis. In May 2011, Orphazyme entered into an asset purchase agreement with LadRx Corporation, which was assigned to XOMA (US) LLC, a wholly-owned subsidiary of XOMA Corporation ("XOMA"), in June 2023 ("XOMA License Agreement"). Under the XOMA License Agreement, XOMA is entitled to certain net sales and regulatory milestone payments in addition to a mid-single digit royalty with respect to sales of MIPLYFFA. For the three and nine months ended September 30, 2024, the Company recognized a regulatory milestone payment of $6.0 million due to XOMA under the XOMA License Agreement, which is included in intangible assets, net in the unaudited condensed consolidated balance sheet.

The Company currently utilizes a single specialty pharmacy provider as its sole distributor for both OLPRUVA and MIPLYFFA. The Company also enters into arrangements with health care providers and payors that provide for government mandated and/or privately negotiated rebates with respect to the purchase of its products. To commercialize OLPRUVA for oral suspension and MIPLYFFA in the U.S., the Company has built marketing, sales, medical affairs, distribution, managerial and other non-technical capabilities or is making arrangements with third parties to perform these services.

Accounts and Other Receivables

Accounts and other receivables consist of receivables from product sales, receivables under the AZSTARYS License Agreement and EAP, as well as income tax receivables and other receivables due to the Company. Receivables under the AZSTARYS License Agreement are recorded for amounts due to the Company related to reimbursable third-party costs and royalties on product sales. Receivables under the EAP are recorded for product sales under the French nATU. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. As of September 30, 2024, the Company had receivables related to the EAP of $4.4 million, AZSTARYS License Agreement of $1.1 million, and other receivables of $2.3 million. As of December 31, 2023, the Company had receivables related to the EAP of $4.7 million, AZSTARYS License Agreement of $11.4 million, and other receivables of $1.3 million. As of September 30, 2024, and December 31, 2023, no reserve or allowance for doubtful accounts had been established.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Note K - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization of right-of-use assets	$ 12	$ 26	$ 36	$ 90
Interest on lease liabilities	0	0	0	0
Total finance lease cost	12	26	36	90
Operating lease cost	119	113	330	340
Short-term lease cost	59	55	177	165
Variable lease cost	26	13	39	39
Less: sublease income	(50)	(39)	(128)	(117)
Total lease costs	$ 166	$ 168	$ 454	$ 517

Note L - Merger - Pro Forma Combined Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Pro forma revenue	$ 3,267	$ 14,913
Pro forma net loss	$ (25,900)	$ (54,763)

Note D - Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Long-Term Debt Instruments [Table Text Block]

	*September 30,*			*December 31,*
	*2024*			*2023*
Notes payable	$	61,035		$	—
Secured promissory note		—			5,000
Unamortized original issue (discount) premium		(959	)		148
Less: debt issuance costs		(1,172	)		(82	)
	$	58,904		$	5,066

Schedule of Maturities of Long-Term Debt [Table Text Block]

Year Ending December 31,
2024 (excluding the nine months ending September 30, 2024)	$	—
2025		—
2026		—
2027		—
2028		—
Thereafter		60,919
Total minimum payments		60,919
Less: unamortized debt discount, debt issuance costs and paid in kind interest		(2,015	)
Note payable	$	58,904

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Note E - Revenue, Net (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 20, 2012	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 07, 2021
Accounts Receivable, Allowance for Credit Loss			$ 0		$ 0		$ 0
Arimoclomol Purchase Agreement [Member]
Contract with Customer, Liability, Revenue Recognized			2,600	$ 2,000	8,000	$ 7,100
Contract with Customer, Clawback Liability			1,400	1,100	4,400	4,000
Asset Acquisition, Consideration Transferred, Estimated Reserve Liability					17,000		12,200
XOMA License Agreement [Member]
Accrued Royalties			6,000		6,000
Consulting Services [Member]
Accounts Receivable, after Allowance for Credit Loss, Current			2,300		2,300		1,300
Commave Therapeutics SA [Member] \| License [Member] \| AZSTARYS License Agreement [Member]
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized								$ 590,000
Relief Therapeutics [Member] \| License [Member]
Contract with Customer, Liability, Revenue Recognized			0		0
Contract with Customer, Liability			0		$ 0		0
Royalty Revenue, Percent					10.00%
Aquestive Therapeutics [Member] \| License [Member] \| AZSTARYS License Agreement [Member]
Contract with Customer, Liability, Revenue Recognized		$ 5,000	1,100	$ 900	$ 3,600	$ 7,200
Royalty Revenue, Percent	10.00%
Accounts Receivable, after Allowance for Credit Loss, Current			1,100		1,100		11,400
Arimoclomol EAP [Member]
Accounts Receivable, after Allowance for Credit Loss, Current			$ 4,400		$ 4,400		$ 4,700

Note F - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Loss Contingency Accrual		$ 0	$ 0
Litigation Related to Merger [Member]
Payments for Legal Settlements	$ 300
AZSTARYS License Agreement [Member]
Loss Contingency Accrual			$ 0

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (69,772)	$ (26,157)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	10,888	4,482
Inventory obsolescence charge	5,244	0
Non-cash interest expense	1,489	0
Depreciation and amortization expense	4,741	219
Fair value adjustment related to warrant and CVR liability	(4,660)	(4,159)
Fair value adjustment related to investments	(64)	(451)
Loss on sublease and disposal of property and equipment	0	157
Consulting fees paid in common stock	399	138
Loss (gain) on foreign currency exchange	147	(30)
Change in assets and liabilities:
Accounts and other receivables	9,587	(1,628)
Prepaid expenses and other assets	(452)	27
Inventories	(4,159)	190
Operating lease right-of-use assets	389	243
Other long-term assets	0	(93)
Accounts payable and accrued expenses	(10,590)	5,400
Discount and rebate liability	4,824	3,895
Operating lease liabilities	(395)	(326)
Other liabilities	(1,031)	716
Net cash used in operating activities	(53,415)	(17,377)
Cash flows from investing activities:
Purchases of property and equipment	0	(224)
Purchases of investments	(41,488)	(45,821)
Purchases of secured corporate notes	0	(25,426)
Maturities of investments	24,798	43,496
Net cash used in investing activities	(16,690)	(27,975)
Cash flows from financing activities:
Proceeds from issuance of debt, net of lender fees	58,990	38,801
Payment of third-party debt issuance costs	(2,091)	0
Repayment of debt	(42,700)	(12,800)
Proceeds from insurance financing arrangements	1,082	1,256
Proceeds from Employee Stock Purchase Plan	643	219
Payments of principal on insurance financing arrangements	(431)	(564)
Payments to repurchase shares as part of the Share Repurchase Program	0	(3,447)
Proceeds from issuance of stock	65,819	0
Repayment of principal on finance lease liabilities	0	(5)
Net cash provided by financing activities	81,312	23,460
Effect of exchange rate changes on cash and cash equivalents	(217)	(305)
Net increase (decrease) in cash and cash equivalents	10,990	(22,197)
Cash and cash equivalents, beginning of period	43,049	65,466
Cash and cash equivalents, end of period	54,039	43,269
Supplemental cash flow information:
Cash paid for interest	$ 3,668	$ 456

Note C - Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Inventory, Noncurrent [Table Text Block]

	*September 30,*		*December 31,*
	*2024*		*2023*
Raw materials	$	4,549	$	2,938
Work in progress		3,084		1,884
Finished goods		1,123		5,019
Total inventory	$	8,756	$	9,841

Note K - Leases

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Lease Disclosure [Text Block]

K.	Leases

The Company has operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. The Company determines if an arrangement is a lease at contract inception. Lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. The Company does not separate lease and non-lease components. Leases with a term of twelve (12) months or less at commencement are not recorded on the unaudited condensed consolidated balance sheets. Lease expense for these arrangements is recognized on a straight-line basis over the lease term. The Company's leases have remaining lease terms of less than 1 year to approximately 3 years, some of which include options to extend the leases for up to 5 years, and some which include options to terminate the leases within 1 year.

Effective June 1, 2021, the Company agreed to sublease office space in Florida, comprised of one of the two contiguous suites, under a non-cancelable operating lease, which expires in February 2026.

The components of lease expense were as follows (in thousands):

	*Three months ended September 30,*						*Nine months ended September 30,*
Lease Cost	*2024*			*2023*			*2024*			*2023*
Finance lease cost:
Amortization of right-of-use assets	$	12		$	26		$	36		$	90
Interest on lease liabilities		—			—			—			—
Total finance lease cost		12			26			36			90
Operating lease cost		119			113			330			340
Short-term lease cost		59			55			177			165
Variable lease cost		26			13			39			39
Less: sublease income		(50	)		(39	)		(128	)		(117	)
Total lease costs	$	166		$	168		$	454		$	517

Supplemental cash flow information related to leases was as follows (in thousands):

	*Nine months ended September 30,*
	*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	—	$	5
Operating cash flows from operating leases		405		426
Operating cash flows from short-term leases		177		165
Operating cash flows from variable lease costs		39		39

Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	$	—	$	—
Operating leases		419		—

Supplemental balance sheet information related to leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):

	*September 30,*			*December 31,*
	*2024*			*2023*
Finance Leases
Property and equipment, at cost	$	1,031		$	1,031
less: accumulated depreciation and amortization		(917	)		(882	)
Property and equipment, net	$	114		$	149

Other current liabilities	$	—		$	—
Other long-term liabilities		—			—
Total finance lease liabilities	$	—		$	—

Operating Leases
Operating lease right-of-use assets	$	820		$	790
Total operating lease right-of-use assets	$	820		$	790

Current portion of operating lease liabilities	$	540		$	543
Operating lease liabilities, less current portion		483			456
Total operating lease liabilities	$	1,023		$	999

Weighted Average Remaining Lease Term
Operating leases (in years)		2			2

Weighted Average Discount Rate
Finance leases		0.0	%		14.3	%
Operating leases		9.6	%		7.6	%

Maturities of lease liabilities were as follows (in thousands):

	*Finance*		*Operating*
Year Ending December 31,	*Leases*		*Leases*
2024 (excluding the nine months ended September 30, 2024)	$	—	$	167
2025		—		536
2026		—		146
2027		—		136
2028		—		161
Thereafter		—		49
Total lease payments		—		1,195
Less: future interest expense		—		(172	)
Lease liabilities	$	—	$	1,023

Note I - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	*Balance as of September 30, 2024*		*Quoted Prices in Active Markets for Identical Assets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
CVR liability (Note L)	$	4,800	$	—	$	—	$	4,800
Warrant liabilities		13,902		—		—		13,902
Total liabilities	$	18,702	$	—	$	—	$	18,702

Securities:
U.S. Treasury securities	$	35,337	$	35,337	$	—	$	—
Corporate bonds		6,105		—		6,105		—
Total assets	$	41,442	$	35,337	$	6,105	$	—

		*Balance as of December 31, 2023*		*Quoted Prices in Active Markets for Identical Assets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
CVR liability (Note L)	$	7,262	$	—	$	—	$	7,262
Warrant liabilities		16,100		—		—		16,100
Total liabilities	$	23,362	$	—	$	—	$	23,362

Securities:
U.S. Treasury securities	$	24,688	$	24,688	$	—	$	—
Total assets	$	24,688	$	24,688	$	—	$	—

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	September 30, 2024			December 31, 2023
Risk-free interest rate		3.51% - 3.81	%		3.76% - 4.12	%
Volatility		61.76% - 82.44	%		62.01% - 92.42	%
Dividend yield		0	%		0	%
Expected term (years)		1.27 - 4.14			2.0 - 4.9
Weighted average fair value	$	2.54		$	2.94

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Balance as of December 31, 2023	$	16,100
Change in fair value measurement		(2,198	)
Balance as of September 30, 2024	$	13,902

Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization of intangible assets	$ 1,545	$ 0	$ 4,619	$ 0

Note B - Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

B.	Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, the fair value of investments and the fair value of the warrant liabilities, contingent value right ("CVR") liabilities and discount and rebate liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.

Investments

The Company maintains investment securities that are classified as available-for-sale securities for which the Company has elected the fair value option under Accounting Standards Codification ("ASC") 825, Financial Instruments ("ASC 825"). As such, these securities are carried at fair value with unrealized gains and losses included in fair value adjustment related to investments on the unaudited condensed consolidated statements of operations. The securities primarily consist of U.S. Treasury securities and corporate bonds and are included in securities at fair value in the unaudited condensed consolidated balance sheets. The Company's investments in corporate bonds mature within one to five years. As of September 30, 2024, and December 31, 2023, the Company held securities with an aggregate fair value of $41.4 million and $24.7 million, respectively, that contained aggregate unrealized gainsof approximately $0.1 million and $0.6 million, respectively. Applying fair value accounting to these debt securities more accurately represents the Company's investment strategy due to the fact that excess cash is currently being invested for the purpose of funding future operations. Interest income is recognized as earned using an effective yield method giving effect to the amortization of premium and accretion of discount and is based on the economic life of the securities. Interest income is included in interest and other income, net in the unaudited condensed consolidated statements of operations.

Variable Interest Entities

The primary beneficiary of a variable interest entity ("VIE") is required to consolidate the assets and liabilities of the VIE. When the Company obtains a variable interest in another entity, it assesses at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE, and if so, whether the Company is the primary beneficiary of the VIE based on its power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the Company's obligation to absorb losses or the rights to receive benefits from the VIE that could potentially be significant to the VIE.

To assess whether the Company has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, the Company considers all the facts and circumstances, including the Company's role in establishing the VIE and the Company's ongoing rights and responsibilities. The assessment includes identifying the activities that most significantly impact the VIE's economic performance and identifying which party, if any, has the power to direct those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) are deemed to have the power to direct the activities of a VIE.

To assess whether the Company has the obligation to absorb losses of the VIE or the rights to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests that are deemed to be variable interests in the VIE.

This assessment requires judgement in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. As of September 30, 2024, and December 31, 2023, the Company identified Acer to be the Company's sole interest in a VIE (Note L). As Zevra is the final decision maker for all of Acer's research, development, and commercialization of drug candidates that it is producing, the Company directs the activities of Acer that most significantly impact its performance. Therefore, the Company is the primary beneficiary of this VIE for accounting purposes.

Revenue Recognition

The Company recognizes revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers (“ASC 606”) and, as a result, follows the five-step model when recognizing revenue: 1) identifying a contract; 2) identifying the performance obligations; 3) determining the transaction price; 4) allocating the price to performance obligations; and 5) recognizing revenue when the performance obligations have been fulfilled.

Licensing Agreements

The terms of the Company’s licensing agreements typically include one or more of the following: (i) upfront fees; (ii) milestone payments related to the achievement of development, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments may result in licensing revenues.

As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may include such estimates as independent evidence of market price, forecasted revenues or costs, development timelines, discount rates, and probability of regulatory success. The Company evaluates each performance obligation to determine if they can be satisfied at a point in time or over time, and it measures the services delivered to the licensee which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price.

Up-front Fees: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time.

Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or the licensee’s control, such as operational developmental milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative licensing revenues and earnings in the period of adjustment.

Product Revenues, Net

Net revenues from product sales is recognized at the transaction price when the customer obtains control of the Company's products, which occurs at a point in time, typically upon receipt of the product by the customer. Our current single customer is a specialty pharmacy provider.

The Company's net revenues represent total revenues adjusted for discounts and allowances, including estimated cash discounts, chargebacks, rebates, returns, copay assistance, data fees and wholesaler fees for services. These adjustments represent variable consideration under ASC 606 and are recorded as a reduction of revenue. These adjustments are established by management as its best estimate based on available information and will be adjusted to reflect known changes in the factors that impact such allowances. Adjustments for variable consideration are determined based on the contractual terms with customers, historical trends, communications with customers and the levels of inventory remining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products.

Acquired IPR&D and Milestones Expenses

In an asset acquisition, payments incurred prior to regulatory approval to acquire rights to in-process R&D projects are expensed as acquired IPR&D and milestones expense in the consolidated statements of earnings unless the project has an alternative future use. These costs include upfront and development milestone payments related to R&D collaborations, licensing arrangements, or other asset acquisitions that provide rights to develop, manufacture and/or sell pharmaceutical products. Where contingent development milestone payments are due to third parties, prior to regulatory approval, the payment obligations are expensed when the milestone results are achieved. Regulatory and commercial milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized to cost of products sold over the remaining useful life of the related product.

Inventories

The value of inventory is recorded at its net realizable value. The Company determines the cost of its other inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out basis.

The Company may scale-up and make commercial quantities of its product candidates prior to the date it anticipates that such product will receive final regulatory approval. The scale-up and commercial production of pre-launch inventory involves the risk that such products may not be approved for marketing on a timely basis, or ever. This risk notwithstanding, the Company may scale-up and build pre-launch inventory of product that have not received final regulatory approval when the Company believes such action is appropriate in relation to the commercial value of the product launch opportunity. Inventory manufactured prior to regulatory approval is recorded as research and development expense until regulatory approval for the product is obtained. Inventory used in clinical trials is also expensed as research and development expense, when selected for such use. Inventory that can be used in either the production of clinical or commercial products is expensed as research and development costs when identified for use in a clinical manufacturing campaign. The cost of finished goods inventory that is shipped to a customer to support the Company’s patient assistance programs is expensed when those shipments take place. As of September 30, 2024, and December 31, 2023, the Company did not have pre-launch inventory that qualified for capitalization.

The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventory to its net realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded as a component of cost of product revenue in the statements of operations and comprehensive loss. The determination of whether inventory costs will be realizable requires the use of estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required. Additionally, the Company’s product is subject to strict quality control and monitoring that it performs throughout the manufacturing process. In the event that certain batches or units of product do not meet quality specifications, the Company will record a charge to cost of product revenue, to write-down any unsaleable inventory to its estimated net realizable value. For the three and nine months ended September 30, 2024, the Company recognized a charge of approximately $2.0 million and $5.2 million, respectively, related to write-downs for unsaleable inventory. No such write downs were recognized for the three and nine months ended September 30, 2023.

Foreign currency

Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the unaudited condensed consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in accumulated deficit during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive income/loss in the accompanying unaudited condensed consolidated statements of stockholders’ equity.

Debt Issuance Costs

Debt issuance costs incurred in connection with financing arrangements are recorded as a reduction of the related debt on the balance sheet and amortized over the life of the respective financing arrangement using the effective interest method.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480") and FASB ASC Topic 815, Derivatives and Hedging ("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to our own stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For warrants that meet all criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital, on the unaudited condensed consolidated statement of stockholders’ deficit at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in other expense, net, on the unaudited condensed consolidated statement of operations. The fair value of the warrants was estimated using the Black-Scholes option pricing model.

New Accounting Pronouncements Not Yet Adopted

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023- 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Note I - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

I.	Fair Value of Financial Instruments

The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability.

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows:

	●	Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;
	●	Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and
	●	Level 3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

The carrying amounts of certain financial instruments, including cash and cash equivalents, investments, and accounts payable and accrued expenses, approximate their respective fair values due to the short-term nature of such instruments.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached regarding fair value measurements as of September 30, 2024, and December 31, 2023 (in thousands):

	*Balance as of September 30, 2024*		*Quoted Prices in Active Markets for Identical Assets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
CVR liability (Note L)	$	4,800	$	—	$	—	$	4,800
Warrant liabilities		13,902		—		—		13,902
Total liabilities	$	18,702	$	—	$	—	$	18,702

Securities:
U.S. Treasury securities	$	35,337	$	35,337	$	—	$	—
Corporate bonds		6,105		—		6,105		—
Total assets	$	41,442	$	35,337	$	6,105	$	—

		*Balance as of December 31, 2023*		*Quoted Prices in Active Markets for Identical Assets (Level 1)*		*Significant Other Observable Inputs (Level 2)*		*Significant Unobservable Inputs (Level 3)*
CVR liability (Note L)	$	7,262	$	—	$	—	$	7,262
Warrant liabilities		16,100		—		—		16,100
Total liabilities	$	23,362	$	—	$	—	$	23,362

Securities:
U.S. Treasury securities	$	24,688	$	24,688	$	—	$	—
Total assets	$	24,688	$	24,688	$	—	$	—

The common stock warrant liabilities were recorded at fair value using the Black-Scholes option pricing model. The following assumptions were used in determining the fair value of the warrant liabilities valued using the Black-Scholes option pricing model as of September 30, 2024, and December 31, 2023:

	September 30, 2024			December 31, 2023
Risk-free interest rate		3.51% - 3.81	%		3.76% - 4.12	%
Volatility		61.76% - 82.44	%		62.01% - 92.42	%
Dividend yield		0	%		0	%
Expected term (years)		1.27 - 4.14			2.0 - 4.9
Weighted average fair value	$	2.54		$	2.94

The following table is a reconciliation for the common stock warrant liabilities measured at fair value using Level 3 unobservable inputs (in thousands):

Balance as of December 31, 2023	$	16,100
Change in fair value measurement		(2,198	)
Balance as of September 30, 2024	$	13,902

For thenine months ended September 30, 2024, and 2023, the changes in fair value of the warrant liabilities primarily resulted from the volatility of the Company's common stock and the change in the risk-free interest rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Note C - Inventories

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

C.	Inventories

	*September 30,*		*December 31,*
	*2024*		*2023*
Raw materials	$	4,549	$	2,938
Work in progress		3,084		1,884
Finished goods		1,123		5,019
Total inventory	$	8,756	$	9,841